Growth Headwinds
Don't see global uncertainties subsiding in medium term, says fin secy
This story was originally published at 13:06 IST on 29 March 2025
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--Fin secy: Exports performance may be impacted by headwinds going ahead
--CONTEXT: Finance Secretary Ajay Seth speaking at 100th Skoch Summit
--Fin secy: Don't see global uncertainties subsiding in medium term
NEW DELHI – Finance Secretary Ajay Seth on Saturday said he does not expect the prevailing global uncertainties to subside in the medium term. "We are in the middle of a very tough global environment, both geopolitical as well as economic. My sense is that economic difficulties being faced by different nations, be it developed or developing, is getting accentuated in their geopolitical stuff, it is not the other way round. There are more uncertainties and going forward, I don't see those uncertainties subsiding in the medium term. Maybe we are in an era of uncertainty for a long period," he said at the 100th SKOCH Summit in New Delhi.
His comments come at a time when the global geopolitical landscape is marred with uncertainty over US President Donald Trump's policies on trade tariffs. Since he joined office in late January, Trump has already slapped tariffs on several countries, and is expected to announce a slew of further tariffs next week.
Seth is also of the view that Indian exports may be impacted by headwinds in the medium term. "Going forward, at least in the medium term, I don't see that area (exports) performing to its best of ability because there will be sort of headwinds against it to perform well," he said.
He stressed on the importance of agriculture and manufacturing growth, adding that it is necessary to be conscious about investing in people, economy and innovation. Seth added that the agriculture sector needs to adapt to the challenges so that it can withstand the impact of climate change.
"We need to grow fast over a sustained period of time. At least 20 to 25 years at a pretty high pace with inclusive development," he said. End
Reported by Pratiksha
Edited by Tanima Banerjee
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