THE CONTROVERSY OVER the Adani Group and subsequent pullout of its ₹20,000-crore FPO has not dented India's reputation and macro-economic fundamentals, finance minister Nirmala Sitharaman said on Saturday.
"I do not think the Adani issue has impacted India's reputation. Otherwise, how would have our foreign exchange reserves gone up by $8 billion in the past few days alone. This shows that the perception on India and its inherent strengths is intact," she said in a post-Budget event in Mumbai.
"The RBI has made a statement. Prior to that, banks and the Life Insurance Corporation of India have disclosed their exposure (to the Adani Group). Regulators are independent of the government and they are left to themselves to do what is appropriate, so the market is well regulated," she added.
When asked about the FY23 Budget's decision to privatise two state-run lenders, Sitharaman said there was no update that she could share.
The Budget proposals for the next financial year aim to achieve the twin objectives of spurring economic growth and fiscal consolidation, the finance minister said.
"Growth is the main focus. We want to sustain that recovery, sustain that growth," she said.
This story is from the February 05, 2023 edition of Financial Express Mumbai.
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This story is from the February 05, 2023 edition of Financial Express Mumbai.
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