Nirmala Sitharaman highlights India's resilience, growth amid global economic challenges
Aug 10, 2023
New Delhi [India], August 10 : In an address during the No Confidence Motion discussion in Parliament today, Union Finance Minister Nirmala Sitharaman defended the government's policies and showcased India's remarkable economic transformation, asserting that progress is achieved through actions rather than mere rhetoric.
Sitharaman began her address in the Lok Sabha by emphasizing the global economic challenges, including high inflation and sluggish growth, that have posed significant hurdles for nations worldwide.
Drawing attention to the dire situations in some developed countries, she said, "the United Kingdom's struggle, where the Bank of England has raised interest rates 14 consecutive times, and the European Central Bank's struggle with high inflation, having raised interest rates nine times to a 23-year high".
Turning the focus to India, Sitharaman stated that "despite the global economic headwinds, India's economy had achieved commendable growth".
Citing the turnaround in India's economic fortunes, she recounted the country's journey from being labelled a "fragile economy" by Morgan Stanley in 2013 to now receiving a higher rating due to the government's policies.
Sitharaman said, "In 2013, Morgan Stanley declared India as a fragile economy. The same Morgan Stanley now gave higher grading to India".
The term Fragile 5 was coined by a Morgan Stanley analyst in 2013 and refers to a set of five emerging countries, including India, whose economy was not doing well.
"Despite the challenges posed by the COVID-19 pandemic, India has emerged as the fastest-growing economy, showcasing a remarkable 7.2% real GDP growth in 2022-23", said Nirmala Sitharaman.
"So, India is in a rare position of being optimistic and positive about its future growth," the Finance Minister said.
Sitharaman's address emphasized the resilience and optimism that characterize India's current economic trajectory.
She reiterated the government's commitment to inclusive growth, highlighting initiatives such as "Jan Dhan Yojana," "Digital India Mission," "Ayushman Bharat," and "Jan Aushadhi Kendra," all designed to benefit the common citizens of the nation.
The Finance Minister praised Prime Minister Narendra Modi's leadership and the government's unwavering dedication to the principles of "Sabka Saath, Sabka Vikas, Sabka Vishwas, aur Sabka Prayas."
She asserted that India's recovery from the COVID-19 crisis was not only a testament to the effective policies but also a reflection of the nation's determination to move forward on the path of progress and resilience.
