The Tribune

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Tribune News Service

New Delhi, November 17

Finance Minister Nirmala Sitharaman on Wednesday rued India's growth story would have been better had there been no shortage of shipping containers and chips.

While the shortage of microchips and semiconductors has led to a waiting period of five months, the shortage of shipping containers has led to a sharp spike in freight rates.

Nevertheless, the spike in consumer spending suggests not just pent-up demand, but indicates that life is getting restored after a crisis of this scale, she said while addressing the inaugural session of the CII Global Economic Policy Summit.

The Finance Minister outlined some of the priority areas for the government which include technology driven infrastructure. She also pointed to declining NPAs, an uptick in recovery and credit outreach programmes.

The changing geopolitical landscape posed several challenges, including the rise in crude prices, which was making it difficult to purchase natural gas, she added.

CII past president Uday Kotak outlined areas that needed attention such as inequality, liquidity measures, technology and climate change-induced disruption, supply chain shocks and universal basic income. CII DG Chandrajit Banerjee said there were several indications of economic recovery.