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April 29, 2024

India’s Ascent to Third Largest Economy Requires Visionary Leadership, Says FM Sitharaman

Finance Minister Nirmala Sitharaman emphasized that India’s journey to become the third-largest economy is not guaranteed without concerted efforts and visionary leadership. Her remarks came in response to former Finance Minister P Chidambaram’s recent statement suggesting India’s inevitable rise to the third position in the global economy.

Sitharaman rebutted Chidambaram’s assertion, stating, “Nothing grows automatically. It is effort which makes it grow.” She highlighted the importance of effective administration and clean governance, echoing Prime Minister Modi’s commitment to ensuring India’s rise to the third rank. According to her, achieving this milestone is not merely an arithmetic inevitability.

Critiquing the previous UPA tenure, Sitharaman referred to it as India’s lost decade due to poor policies and corruption. She emphasized that GDP growth requires concerted efforts at both macro and micro levels, debunking the notion that India’s population size alone guarantees economic ascent.

Contrary to Chidambaram’s assertion that India’s rise to the third position is a matter of course, Sitharaman pointed out the fluctuations during the UPA years, asking, “Then why did we dip and rise and dip and rise?” She highlighted India’s climb from the 12th to the 10th rank between 2004 and 2014, and from the 10th to the 5th rank in the subsequent decade.

Currently ranked fifth globally in terms of GDP, India’s trajectory toward the third rank hinges on sustained growth. Sitharaman underscored the importance of consistent economic expansion to meet the demands of the economy effectively.

Speaking at the Viksit Bharat Ambassador Campus Dialogue at Gitam University, Sitharaman compared the challenges faced by the UPA and NDA administrations over the past decade. She noted that while the global financial crisis of 2008-09 had limited global impact, the Covid-19 pandemic of 2020 posed a more significant challenge.

Despite the pandemic, India managed to maintain its fifth-place ranking, reflecting the resilience of its economy. Sitharaman attributed this resilience to visionary leadership, which prioritized integrity and curbed corruption, thereby protecting the interests of the common people.

In conclusion, Sitharaman emphasized that India’s ascent to the third-largest economy requires proactive measures and steadfast leadership. She reiterated the government’s commitment to fostering growth and ensuring that India realizes its economic potential on the global stage.

Jhumpa Lahiri

Jhumpa Lahiri

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