Social protection, economic stimulus drove India's economic recovery after Covid-19: Nirmala Sitharaman
These helped protect lives and livelihoods, especially of the poor and vulnerable, she said
Social protection and economic stimulus packages along with timely structural reforms have been pivotal in India’s economic recovery process after the Covid-19 crisis, Finance Minister Nirmala Sitharaman has said.
The stimulus packages helped to effectively and efficiently boost the economy and protect lives and livelihoods, especially of the poor and vulnerable, Sitharaman said on Tuesday.
The Finance Minister was speaking at the 6th Annual Meeting of the Board of Governors of Asian Infrastructure Investment Bank (AIIB).
The theme of the Governor’s Roundtable Discussion was “COVID-19 Crisis and Post-COVID Support”.
The Indian government's stimulus packages, Sitharaman pointed out, included the credit guarantee scheme for micro finance institutions, boosters for project exports through National Export Insurance Account, additional subsidies for fertilizers, free food grains for 800 million people under the Pradhan Mantri Garib Kalyan Yojana, and several welfare schemes with a strong public health focus.
According to the Union Ministry of Finance, Sitharaman also spoke about the Indian government's successful drive to rapidly vaccinate its citizens, administering over 1 billion vaccines – a milestone achieved with the help of the strong scientific and technological ecosystem in India.
The Finance Minister highlighted India’s “Vaccine Maitri” initiative, a global health outreach, under which 70 million doses of the ‘Made in India’ COVID-19 vaccines have been supplied to 95 countries and UN entities.
This includes nearly 20 million doses to 47 countries under the COVAX facility and more than 12 million vaccine doses as grant to 47 countries and UN peacekeepers, she added.
The Finance Minister pointed out that the current crisis and the looming climate crisis have reinforced the importance of Multilateral Development Banks (MDBs) and the urgency for supplementing country efforts with multilateral development finance.
In this context, she highlighted some of the expectations from the Bank, including the need to explore investment opportunities in the creation and development of assets in social infrastructure sectors; to further intensify private sector capital mobilisation for inclusive and green development; and to set up a Resident Board and Regional Offices to ensure accountability, transparency and quality of operations and investments.
The Board of Governors meets every year to take key decisions on important matters relating to AIIB, and its future vision. India is a Founding Member and the second largest shareholder in AIIB. India also has one of the largest project portfolios within AIIB.
This year’s Annual Meeting has been jointly organized by AIIB and the Government of United Arab Emirates on the theme of “Investing Today and Transforming Tomorrow”.