Budget 2024: FM Nirmala Sitharaman On 'Complex Global Affairs And Emerging New World Order'

Budget 2024: In her sixth budget presentation in the Lok Sabha on Thursday, Finance Minister Nirmala Sitharaman observed that global affairs are becoming more complex.

Additionally, globalization is being redefined with reshoring, disruption, and fragmentation of supply chains, alongside heightened competition for critical minerals and technologies.

FM Sitharaman on world order

While presenting the budget on Fenurary 1, FM sitharaman stated "A new world order is emerging". During very difficult times, it was noted that India assumed the presidency of the G20.

At the G20 Summit held in India on September 9-10, a Memorandum of Understanding (MoU) was signed by India, the US, UAE, Saudi Arabia, France, Germany, Italy, and the European Union to establish the India-Middle East-Europe Economic Corridor.

The corridor, according to sources, will be encouraged and provided impetus for economic development through enhanced connectivity and economic integration between Asia, West Asia, the Middle East, and Europe.

The Finance Minister added that the global economy was undergoing high inflation, low growth, high interest rates, very high public debt, low trade growth, and climate changes. While the pandemic resulted in a crisis of food, fertilizer, fuel, and finances, India successfully navigated its way and demonstrated the way forward to the world.

"After the COVID pandemic, a new world order is emerging. The G20 presidency was assumed by India during a very difficult time for the world. The global economy was experiencing high inflation, high interest rates, low growth, very high public debt, low trade growth, and climate change. The pandemic has resulted in a crisis of food, fertilizers, and finances for the world, while its way was successfully navigated by India," she stated.

Consensus on global problems was built by India, and the recently announced India Middle East Europe Economic Corridor is deemed a strategic and economic game-changer for India and others, as per her statements.

"The recent India Middle East Europe economic corridor is considered a strategic and economic game-changer for India and others. According to the Prime Minister's words, and I quote, the corridor will become the basis of world trade for hundreds of years to come, and history will remember that this corridor was initiated on Indian soil," stated the minister.