FM Sitharaman : India Uniquely Positioned to Grow Faster2023
The minister emphasised that India’s economy is rising quickly despite pandemic-related interruptions. Despite the difficulties facing the global economy, India is uniquely positioned to be upbeat and confident about its future growth, according to finance minister Nirmala Sitharaman.
The minister commented during the Lok Sabha discussion on the vote of no-confidence, “In 2013, Morgan Stanley termed India a vulnerable economy. The same Morgan Stanley has improved India; our government’s policies caused the shaky economy to emerge in just nine years.
The minister emphasised that India’s economy is rising quickly despite pandemic-related interruptions. The twin problems of rising inflation and sluggish growth are causing great difficulty for the world economy.
Europe is in difficulty. Many times, the European Central Bank has increased interest rates. Significant problems also await Germany, the continent’s largest economy. Wages and consumer demand are both stagnating in China. Also degraded was the US, she claimed.
The world economy, which grew at just over 3% in 2022, is expected to develop at an even slower pace of 2.1% in 2023, according to the speaker’s statement from the World Bank. She said that the GDP of India, which grew at a respectable 7.2% in the previous fiscal year, is forecast to increase by 6.5% in 2023–24.
The Reserve Bank of India dramatically lifted the Q2 retail inflation projection from 5.2% to 6.2% due to rising food prices not long after.
The minister said that this weekend, the government would start a massive sale of tomatoes for Rs 70 per kg in all “nooks and crannies” of Delhi NCR. Supplies would increase if there were more shipments from Nepal and other regions of the nation.
Additionally, imports of tur, urad, and masoor have begun. The minister stated that the government had also acquired 300,00 metric tonnes of onions as a buffer.
“I want to emphasise that we are taking enough steps in all these essential commodities, but more (steps) will be taken because we are conscious that people need these at affordable prices,” Sitharaman said.
According to her, residents of Delhi NCR may purchase tomatoes using the open network for digital commerce (ONDC) platform. The minister said that distribution through cooperative societies like NCCF and Nafed in Bihar, West Bengal, Uttar Pradesh, Delhi, and Rajasthan will continue with purchases coming from the tomato-growing states of Maharashtra, Andhra Pradesh, and Karnataka. In Rajasthan, Delhi NCR, and UP, NCCF has supplied 8,84,612 kg of tomatoes.
Since there are enough domestic moong stockpiles on hand, she added, “Active disposal efforts are also being conducted.
India, a nation with a rich tapestry of history, culture, and diversity, has consistently showcased resilience and adaptability on the global stage. It’s no secret that the country has seen remarkable economic growth over the past few decades. In a recent statement, Finance Minister Nirmala Sitharaman confidently posited that India is “uniquely positioned to grow faster.” Let’s delve deeper into what makes India stand out and the reasons for the FM’s optimistic outlook.
India boasts a youthful population, over 60% of its citizens below 35. This demographic dividend is a critical factor driving India’s growth story. The young workforce guarantees a steady stream of innovative thinkers and doers and ensures a robust consumer market for the foreseeable future.
The digital transformation witnessed by India in the past decade is phenomenal. From being a software services provider to the world, India is fast transitioning to a product nation. Cities like Bangalore, Hyderabad, and Pune are becoming hubs for tech innovation, startups, and disruptive technologies.
The Indian government has been relentless in its pursuit of structural reforms. Initiatives like “Make in India,” “Digital India,” and the “Goods and Services Tax (GST)” have played pivotal roles in creating a business-friendly environment, fostering manufacturing, and integrating the Indian economy.
The emphasis on infrastructure development has been another feather in India’s cap. There’s been a visible push towards building world-class highways, railways, airports, and ports. This development is not only creating jobs but also boosting connectivity and trade.
Under the leadership of Prime Minister Narendra Modi and FM Sitharaman, India has fostered strong international ties. The country has seen a Foreign Direct Investment (FDI) surge over the past few years. Its stand on global forums like BRICS, G20, and the United Nations has been influential, making it a key player in the international arena.
The push for ‘Atmanirbhar Bharat’ (Self-reliant India) has given impetus to indigenous industries. The emphasis on local manufacturing and production has reduced the import bill and provided a platform for Indian businesses to showcase their prowess globally.
The Pradhan Mantri Jan Dhan Yojana, launched in 2014, was a significant step towards financial inclusion. With over 400 million bank accounts opened under this scheme, the underprivileged now have access to formal banking channels. Such measures have paved the way for broader economic participation by all segments of society.
India’s commitment to renewable energy and sustainable practices drives its growth. The country is on track to achieve its ambitious renewable energy targets and is playing a leading role in the International Solar Alliance (ISA), making it a green energy champion.
FM Sitharaman’s assertion that India is uniquely positioned for rapid growth is based on tangible and multi-faceted factors. The blend of a young population, technological prowess, policy reforms, and a focus on sustainable development makes India an exciting proposition for investors and businesses worldwide. The world will watch closely as the subcontinent leaps towards its promising future.
