India’s economy achieved commendable growth: FM Nirmala Sitharaman in Parliament

During the discussion on the no-confidence motion in Parliament in Thursday, Union Finance Minister Nirmala Sitharaman defended the Central Government’s economic policies while showcasing India’s impressive economic transformation.

Speaking at the Parliament, Sitharaman said the government’s commitment to tangible actions that lead to progress, rather than relying on mere rhetoric.

Addressing the Lok Sabha, Sitharaman began her speech by highlighting the complex global economic challenges that have affected nations worldwide. She specifically pointed out the difficulties faced by some developed countries, such as the United Kingdom and the European Union.

“…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,” she said.

“Despite the global economic headwinds, India’s economy had achieved commendable growth,” she said.

Morgan Stanley gave better rating to India because of government policy: Nirmala Sitharaman

Nirmala Sitharaman recounted the significant shift in India’s economic perception, moving from being labelled a ‘fragile economy’ by Morgan Stanley in 2013 to receiving a higher rating due to effective government policies.

“In 2013, Morgan Stanley declared India as a fragile economy. The same Morgan Stanley now gave higher grading to India,” she said.

The Finance Minister touched upon the term ‘Fragile 5’, coined by a Morgan Stanley analyst in 2013, which referred to a group of emerging economies, including India, grappling with economic challenges.

“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,” the Finance Minister said. “So, India is in a rare position of being optimistic and positive about its future growth.”

Sitharaman highlighted the government’s focus on inclusive growth through initiatives like ‘Jan Dhan Yojana’, ‘Digital India Mission’, ‘Ayushman Bharat’, and ‘Jan Aushadhi Kendra’, all aimed at benefiting the common citizens.

Praising Prime Minister Narendra Modi’s leadership, the Finance Minister underscored the government’s unwavering dedication to the principles of ‘Sabka Saath, Sabka Vikas, Sabka Vishwas, aur Sabka Prayas’. She said that India’s recovery from the challenges posed by the COVID-19 crisis was a testament to effective policies and the nation’s commitment to progress and resilience.