Sitharaman: Economy Thriving with Manufacturing Boost

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India continues to shine as the world’s fastest-growing major economy, as stated by Finance Minister Nirmala Sitharaman on Thursday. Emphasizing the robust growth across all sectors, Sitharaman highlighted achievements such as the impressive manufacturing growth, particularly in mobile phones and passenger vehicle exports. Responding to discussions on the economy in the Rajya Sabha, she proudly asserted India’s status as the fastest-growing economy, citing a remarkable 7.6% growth in the September quarter, surpassing expectations.

Sitharaman credited the government’s initiatives, including the Make in India program and the production-linked incentive (PLI) scheme, for the significant contributions from the manufacturing sector. Underlining India’s ascent to the fifth-largest economy from the tenth position in 2014, she debunked claims of sector-specific success, stressing that all sectors are thriving.

The finance minister also addressed social aspects, highlighting a substantial reduction in the unemployment rate from 17.8% in 2017-18 to 10% and the uplifting of 135 million people from multi-dimensional poverty in the last five years. In her address at the Global Economic Forum 2023, Sitharaman reiterated Prime Minister Narendra Modi’s focus on pillars such as the poor, farmers, youth, and women. She emphasized the necessity of increased female participation in various economic spheres, advocating for more women in policymaking, boardrooms, businesses, and on shop floors.

Addressing concerns about inflation, the finance minister assured that the government had taken measures to control it. She highlighted the stability of the rupee against the strengthening dollar, attributing it to the fundamentals of the Indian economy. Sitharaman expressed concern about the unilateral imposition of tariffs on high-carbon goods by advanced economies, labeling it “not moral” and against the interests of the Global South. She called for inclusive global growth, opposing the border adjustment tax logic and emphasizing that resource generation should not come at the expense of developing countries.

In summary, Nirmala Sitharaman celebrated India’s economic achievements, responding to criticisms and providing insights into the government’s commitment to growth, transparency, and inclusivity. The Finance Minister’s comprehensive overview showcased India’s resilience and progress on the global economic stage.