Russia’s Ukraine actions could derail the post-COVID-19 economic rebound in India and the world, Nirmala Sitharaman said
Finance Minister Nirmala Sitharaman termed the Russia-Ukraine developments a challenge for economic recovery around the world, including India’s rebound from the COVID-19 pandemic, and expressed the hope of peace returning at the earliest.
“India’s development is going to be challenged by the newer challenges emanating in the world. Peace is being threatened and post the Second World War, [a] war of this significance, this impact on the globe is probably not [been] felt,” she said on Friday evening in her first official remarks on the economy’s prospects following Russia’s invasion on Ukraine on Thursday.
"Hopefully some kind of restoration of peace at the earliest will happen, based on which recoveries can be sustainable. No one country today can plan for its recovery, particularly in an age when global value chains have already brought us closer to each other. But when the value chains are facing challenges and threats because of these kind of disturbances, our recovery, not just for India, but for countries everywhere will be severely hampered," she said in her address at the Asia Economic Dialogue 2022.
"We need, for the welfare of globe and the welfare of humanity, to have this recovery sustainable and have this recovery continue without any disruption. That’s my expectation with which our efforts and approach to recovery will be constantly made real-time workable, not hampered," the Minister concluded.
