FM Sitharaman says Budget 2023 will follow spirit of previous one while warning of new global tariff walls

"Countries want to fund their climate transition by raising tariff walls. When you will export your steel you will face tariff walls which will affect us. I have just quoted on steel, there may be more products," she said.

The FM said the world was coming to an understanding of "Europe plus 1, along with China plus 1" and that it’s "almost plus 2 now".

The FM prodded the industry to focus on manufacturing and on finding newer areas of services amid the "great reset" happening globally. "Indian startups have shown us the way," the FM said, asking the industry to keep a close watch on the innovations of startups to benefit in frontier sunrise sectors.

At the event, FICCI President and Hindustan Unilever (HUL) CMD said while the global economic situation remains tough, India is positioned to become the world's third-biggest economy.

"India is the only G-20 country which is on its way to achieving its climate change goals," Mehta said.