India can’t sacrifice financial strength, India needs to comply with global sanctions, including US sanctions on Venezuela and Russia,
but also wants to maintain its strength and strategic interests, Finance Minister Nirmala Sitharaman told in an interview on Tuesday.
The United States in January forced the strongest sanctions yet on Venezuela’s oil production. The move has frightened away some global customers, but with few alternative suppliers of heavy oil, Indian refiner Reliance Industries Ltd has been getting Venezuelan crude from over Russian Rosneft. The company is set to resume through oil loadings in the South American nation after a four-month pause.
Sitharaman told the Indian government had sent its view to the United States.
“In specific problems which are important for India’s strategic interests,
we have read to the United States that India is a vital partner for the United States of America,
and you want a vital partner to be safe and not weakened,” she said.
“We value the strong connection with the USA, but we should equally be born to be a strong economy.”
The International Monetary Fund prior on Tuesday lowered its outlook for Indian growth in 2019, indicating weaker-than-expected private demand. The US-China trade war will skip 2019 global growth to its most moderate pace since the 2008/09 financial crisis, the IMF said.
India’s gross national product grew at its weakest pace since 2013 between April and June, stoking expectations of more stimulus.
“Global headwinds … are growing stronger by the day,” Sitharaman told. Asked about a further monetary stimulus, she stated: “I have not closed the door” on that.
New Delhi has been trying to promote domestic growth through an infrastructure package and a new loan programme organised
with the business sector that has doled out loans worth over 80,000 crores (8.7 billion pounds), India can’t sacrifice financial strength she said.
The finance minister defended the government’s move to remove the special status for Jammu and Kashmir. The replacement of the original article that granted special status to Jammu and Kashmir will boost the country and the country’s economic potential, she said.
Human rights organisations maintain the crackdown is spreading fear among the local population. For decades before India’s recent actions, women, scheduled castes, and nomadic tribes denied human rights in Kashmir, Sitharaman said. “Where was the global community’s human rights concern at that time?”