No Country Can Beat Inflation Alone: FM Calls for Collective Action

Addressing the Global Economic Policy Forum 2024 organized by the Confederation of Indian Industry (CII), Union Finance Minister Nirmala Sitharaman emphasized the need for governments and industries worldwide to collaborate to restore global peace and ensure economic stability. She highlighted the importance of avoiding disruptions, which she identified as the root cause of global economic challenges.

TICE brings you details about what FM said!

Call to Avoid War and Prioritize Peace

“We must avoid war at all costs. Restoring peace should be a global priority this decade,” Sitharaman said.

She further noted that conflicts and disruptions are the primary causes of supply chain instability, urging all stakeholders to work towards maintaining harmony.

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Global Collaboration to Combat Inflation

Speaking on inflation, the finance minister remarked, “Inflation is a major global challenge, and no country can tackle it in isolation. It is incumbent upon governments, industries, policymakers, citizens, and citizen forums to come together to restore normalcy.” She pointed out that disruptions are the key contributors to inflation and stressed the urgent need to address these issues collectively.

Joint Efforts for a Skilled Workforce

Sitharaman highlighted the necessity of collaboration between industries and governments worldwide to develop a skilled workforce.

She said, “If industries want skilled manpower, they must work closely with governments.”

She also suggested that industries realign their policies to account for not just economic principles but also political strategies.

Global Economy Needs Peace and Cooperation

The finance minister underscored that economic stability is unattainable without global peace and cooperation. She urged industries to broaden their focus beyond profits and actively engage in social and political responsibilities.

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Addressing Supply Chain Disruptions

Highlighting the challenges of supply chain disruptions, Sitharaman emphasized that both governments and industries must take proactive measures to resolve these issues at the root.Nirmala Sitharaman’s address was not limited to economic policies but extended to the need for stronger partnerships between governments and industries. Her message is particularly relevant in addressing today’s global challenges, serving as a guiding principle not just for India but for the world.

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