NEW DELHI: India is resilient at a time when many countries are trying to bring in an element of stability in spite of new challenges that are coming up, Finance Minister Nirmala Sitharaman said on Monday.

In the next 25 years, India will have to reset and readjust to new realities, Sitharaman said while speaking at AshwamedhElara India Dialogue 2022. The government will continue to take necessary steps to provide an ecosystem for growth, she said. Answering a question on the Centre's measures to boost the economy amid the supply chain bottlenecks caused by global factors such as the RussiaUkraine war, Sitharaman said, "We have placed great emphasis in building export competitiveness."

The Centre is also working on measures for seamless transactions across borders. It will work together with the Reserve Bank of India to create a predictable, stable pathway for economic growth, she said. On Jul 11, the RBI had announced all exports and imports might be invoiced and settled in rupee denomination, and the exchange rate between the currencies of the two trading partner countries may be market-determined.

The RBI's measures, a step towards "internationalisation" of the Indian currency, had come at a time when the Indian unit was on a falling spree while India's merchandise trade deficit had touched an all-time high of $25.63 bln in June. Speaking on the robust direct and indirect tax mop-up, Sitharaman said the increase intax collections wasnot due to a rise in tax rates, but probably because of technology, faceless assessment for tax management. The GST Council has, however, made some changes in the goods and service tax rates under the ongoing rate rationalisation process, she said.

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