FM Nirmala Sitharaman criticises western countries methods to deal with Covid

Union Finance Minister Nirmala Sitharaman on Sunday in her address at an Interactive Session with Public Intellectuals at RV Dental College in Bengaluru criticised the Western economies approach in dealing with Covid pandemic.

FM Sitharaman said, "It may be a war happening in Europe but it had 'global repercussions'.. Because of the sanctions and various other global developments and the Covid, the Western economies took a certain formula to deal with the 'stressed economy situation', but that method has proven to be hurtful for their economy as an after effect."

She further went on to say that the one feature of the formula followed by Western countries is that during the covid period they printed currency and distributed it amongst the citizens as there was need for money in hands, but according to her they were not sure of what help, when and how much which led to a rise in inflation as there was huge amount of cash in the economy.

She also lauded the effort by the central government's policy that helped the Indian economy become the world's fastest growing economy. She said, "India helped its poor, giving them some grains, some money for emergencies and after the economy was recovering, policy support was given."

FM concerned about increasing number of finfluencers and Ponzi apps

The Finance Minister also spoke about the increasing number of media influencers and Ponzi apps that offered financial solutions. She added that currently there are no proposals to regulate influences, but citizens need to be cautious. She also spoke about her concerns on the increasing number of Ponzi apps and has asked citizens to be wary of the schemes offered by such apps.

The increasing number of social media influencers and online personalities is a matter of concern to India. The Finance Minister is also working with the Ministry of Electronics and Information Technology and the Reserve Bank of India to reduce the number of such apps and offer some form of protection to citizens from such financial scams.