New Delhi, August 10: India’s Finance Minister, Nirmala Sitharaman, asserted during a parliamentary session today that India has transformed from being a fragile economy in 2013 to becoming one of the world’s fastest-growing economies. She highlighted that India’s real GDP growth stood at an impressive 7.2 percent in the fiscal year 2022-23 and is anticipated to expand by 6.5 percent in the current financial year.
Participating in discussions surrounding a no-confidence motion in the Lok Sabha, Sitharaman emphasized the stark disparity between India’s growth trajectory and the global economic slowdown. She credited India’s robust economic performance within the past nine years to the government’s effective policies, even in the face of the Covid-19 pandemic.
The Finance Minister proudly noted that India finds itself in a distinctive position marked by optimism and positivity regarding its future growth prospects.
In a jibe directed at previous UPA (United Progressive Alliance) administrations, Sitharaman remarked, “We only heard slogans like ‘Garibi Hatao’ (Eradicate Poverty), but never witnessed its implementation over six decades. We don’t provide post-dated cheques. The earlier promises of ‘milega’, ‘banega’, and ‘hoga’ (you will get, it will be done, it will happen) have now transformed into ‘gaya’, ‘mil gaya’, and ‘ho gaya’ (gone, achieved, done).”
Members of the ruling party appeared to resonate with Sitharaman’s comments.
Sitharaman also criticized the opposition bloc INDIA, referring to it as an unusual alliance. She highlighted the ongoing conflicts within different states involving parties such as Congress, AAP, TMC, Left, National Conference, and PDP.
Regarding the direct benefit transfer (DBT) scheme, Sitharaman acknowledged its implementation by the UPA administration but highlighted that only Rs 7,367 crore was transferred in 2013-14. She contrasted this with the current scenario, where DBT transfers have multiplied fivefold.
Sitharaman also celebrated the global success of India’s Unified Payments Interface (UPI), which has become a model emulated by numerous nations. She underlined the improved functioning of banks and the substantial reduction in non-performing assets (NPAs) over the past decade.
The Finance Minister engaged in a light-hearted exchange with DMK MPs, particularly about the upcoming AIIMS (All India Institute of Medical Sciences) facility in Madurai. This exchange escalated into a verbal clash when DMK members challenged Sitharaman’s claims. As tensions grew, opposition MPs eventually walked out of the session.
Inflation was another topic of discussion. Sitharaman detailed measures taken to control inflation, particularly in relation to pulse and tomato prices. She explained the procurement and distribution process of tomatoes from various producing states and mentioned the utilization of mobile vans as outlets for cooperative societies to enhance distribution.
Sitharaman disclosed that wholesale mandi prices for tomatoes in several states have begun to decrease. She further mentioned efforts to import tomatoes from Nepal, with the initial batch expected to reach Varanasi and Kanpur by Friday.
Speaker Om Birla appealed to both the ruling and opposition members to avoid engaging in slogans and disruptions.
In summary, Finance Minister Nirmala Sitharaman delivered a comprehensive assessment of India’s economic progress, lauding the nation’s growth and stability amid challenging circumstances while also addressing political jabs and policy measures.
