Finance Minister Nirmala Sitharaman, addressing the 97th annual day program of Shriram College of Commerce, emphasized India’s meteoric economic rise. From being the tenth largest global economy in 2013-14, India has advanced to its current fifth position. She confidently forecasted that in the upcoming years, India is poised to ascend to the third spot.
Several factors have been at the forefront of this rapid growth. Political stability, policy reforms, and decisive governance have significantly bolstered India’s economic trajectory. With these pillars in place, India’s march towards becoming the third-largest global economy faces little resistance.
Reflecting on the decisions taken during challenging times, the Finance Minister underlined the country’s resilience during the COVID-19 pandemic. Contrary to many expectations, India neither borrowed excessively from foreign institutions nor did it resort to unrestrained money printing. Those who had advocated for excessive currency printing are now ironically questioning the fiscal deficit.
Discussing the prevailing economic challenges, she highlighted the current uncertainties surrounding the fertilizer, food, and fuel sectors. The sources of grain supply remain ambiguous, be it via the Black Sea route or other alternatives. Similar volatilities pervade the fertilizer and fuel markets, with global supply chains experiencing significant disruptions.
Moreover, Sitharaman stressed the need for reforms in international agencies. Noting institutions like the World Bank and the International Monetary Fund (IMF), she opined that these entities must undergo changes to stay attuned to contemporary requirements. The time has come for these international agencies to adapt and evolve in accordance with today’s global necessities.
Image Credit – Hindustan Times
Image Credit – Mint
