India’s economy is among the world’s best: Sitharaman Nirmala

Nirmala Sitharaman, the Union Finance Minister for Finance and Corporate Affairs, spoke on Monday at the GITAM Deemed to be University, Visakhapatnam, at the Viksit Bharat Ambassador (VBA)-Campus Dialogue. In keeping with the motto of Viksit Bharat—140 crore aspirations, one purpose—the event sought to inculcate in the populace a feeling of responsibility for India’s progress.

 

In his speech, Sitharaman emphasized the need of unified policies, inspiring leadership, and effective management in promoting economic growth and realizing developmental objectives. She refuted the idea that GDP grows automatically, highlighting the need of coordinated efforts at both the macro and local levels.

Regarding the country’s economic development, the finance minister refuted assertions that India had a lost decade prior to 2014 and emphasized the advancements achieved under Prime Minister Narendra Modi’s direction in spite of obstacles like the COVID-19 epidemic and the global financial crisis. She emphasized the need of taking preventative action in order to fight corruption, improve skill development, and guarantee effective government.

In terms of economic rankings, Sitharaman reiterated PM Modi’s pledge to lead India to become the world’s third-largest economy by claiming that persistent efforts and good governance had driven India’s rise in international rankings.

In response to recent remarks made by former Finance Minister P Chidambaram—who claimed that India’s rise to the third-largest economy was mathematically inevitable, regardless of government—Sitharaman questioned why the GDP ranking of the nation increased by just two spots between 2004 and 2014.

She also emphasized India’s economic development, pointing out that in only ten years, the nation has moved up from the 10th position in 2014 to the fifth rank. The Finance Minister emphasized the continuous fight against influences that weaken the people of the country while restating the PM’s goal of achieving a top-third ranking.

The Finance Minister presented a number of government programs aimed at empowering the youth and accelerating India’s economic growth. These programs included funding for the National Hydrogen Machine and India Artificial Machine, plans to strengthen deep technologies for defence purposes, and the establishment of the “Anusandhan Corpus” to foster innovation and research.

She urged students to sign up as Viksit Bharat Ambassadors (VBAs) and spread uplifting stories about India’s development, emphasizing the value of battling prejudice and showcasing the contributions of regular people to the country’s success.

M Sribharat, the president of GITAM and a candidate for the Lok Sabha from Visakhapatnam, encouraged students to recognize their important role in India’s development and to support the economy by working on creative and affordable initiatives.

Students were in attendance, along with GITAM registrar Gunasekaran D, vice-chancellor Dayananda Siddavattam, and former union minister KS Rao.