Interim Budget 2024 Will Have ‘No Spectacular Announcements’, Says Finance Minister Nirmala Sitharaman

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Indian executives must adapt to using AI, take Industrial Revolution 4.0 seriously, include AI and web3 in their planning for short-, medium- and long-term, and take AI in the right spirit to improve productivity and reduce the monotony of due dilligence, she said.

On alternatives to the U.S. dollar and its necessity in the global south, the minister said that it was an issue of concern in many countries in the region. “We have actually facilitated very many countries in engaging with India, using the rupee, because the rupee at least has been very stable against most currencies, particularly the U.S. dollar…So, we have, at least in South Asia and some countries in Africa, already started the process of rupee trade.”

Sitharaman also spoke about encouraging not just growth engines but think engines in India and how mechanisms like the border adjustment tax goes against the concerns of the global south.

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The Carbon Border Adjustment Mechanism, which has been sanctioned by the European Union parliament, aims to tax imports according to the amount of carbon emitted in their production, when shipments enter the European border.

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