India’s Economy Shines Bright: Finance Minister Nirmala Sitharaman Highlights Growth and Achievements
In a discussion at the Rajya Sabha, Sitharaman proudly declared India’s economy as the fastest-growing worldwide, with a remarkable 7.6% growth in the last quarter (July-September FY24). She contrasted this with the economic contractions faced by major economies like Germany and Japan during the same period.
Addressing concerns raised by opposition members, she emphasized India’s consistent growth despite global challenges due to geopolitical conflicts and weakened demand post-pandemic. Sitharaman also mentioned that Indian products are increasingly visible on American supermarket shelves, credited to initiatives like Make-in-India and the PLI scheme.
Highlighting the manufacturing sector’s role in the economy, she cited positive reports, such as the record-high generation of E-way bills in October. Sitharaman criticized past governments’ initiatives as merely ‘for namesake’ and highlighted the present government’s schemes reaching the intended beneficiaries effectively.
Responding to criticisms by senior Congress leader P Chidambaram regarding ground-level impact, Sitharaman defended the government’s record, citing a significant rise in the worker population ratio and a decline in youth unemployment rates. She mentioned various government schemes, like MUDRA and PM SVANidhi, promoting self-employment, particularly among marginalized sections.
Addressing concerns about inflation and household savings, Sitharaman assured that household savings were contributing to asset creation, with people increasingly investing in mutual funds and equity markets.
Overall, Sitharaman affirmed that India’s economic fundamentals remain robust, reflecting in high growth rates, increased foreign investments, and a stable currency. She also assured that steps had been taken to manage inflation and ensure sufficient availability of essential food items through trade policy adjustments.
