Kautilya Economic Conclave 2023: Nirmala Sitharaman stated that terrorism as major challenge for business

Union Finance Minister Nirmala Sitharaman said on Friday (October 20) that terrorism is a major challenge for businesses and that they should consider its influence on their operations and strategy.

Read more: Global Maritime India Summit (GMIS) 2023: PM Modi provided a roadmap for the Indian marine economy

Sitharaman stated in her opening presentation to the three-day Kautilya Economic Conclave 2023 that terrorism has now become a "permanent uncertainty" with a high-cost risk connected with it, and that economic policies alone are unable to combat it.

The issue of terrorism is the "big elephant in the room," as she phrased it. She continued by stating that terrorism is still an open-ended problem that "anybody's game anywhere."

In recent years, the entire world has experienced multiple lone-wolf attacks carried out by discrete groups of people or, in some circumstances, a single person, making it difficult for governments to hunt them down. Offenders frequently work solely to fulfill their ideological commitments.

The finance minister also emphasized that wars in Europe, Africa, and now West Asia are having a variety of effects on global supply networks, resulting in price increases for a variety of commodities. Three battles are taking place at the same time, with catastrophic consequences for supply networks.

The assault on Israel by Gazan Islamist group Hamas on October 7 and Tel Aviv's response aerial bombing and siege of the enclave contributed to existing uncertainty, with some experts predicting that oil prices might reach $100 per barrel.

Hardeep Singh Puri, India's Minister for Petroleum and Natural Gas, was quick to indicate that while India will be able to manage oil prices beyond $100 per barrel, it may result in "organised chaos."

Sitharaman later stated that the government considers macroeconomic stability and fiscal management while making decisions.

RBI Governor Das, who also addressed the occasion, stated that the country's economic fundamentals and strong financial system offer India a buffer against global concerns. Das also underlined the need for central banks to maintain financial stability.

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