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May 17, 2024

PM Modi Poised for Third Term Victory: FM Sitharaman Confident of BJP Majority

Finance Minister Nirmala Sitharaman expressed strong confidence in Prime Minister Narendra Modi’s return to power with a decisive majority in the ongoing Lok Sabha elections. Speaking at the CII Annual Business Meeting, she assured industry leaders that the BJP is poised for another significant electoral victory, setting the stage for Modi’s third consecutive term as Prime Minister.

Sitharaman’s remarks come as the nation progresses through its general elections, with four out of seven phases already concluded. The final vote count is scheduled for June 4. She emphasized the government’s eagerness to collaborate with the Confederation of Indian Industry (CII) post-elections, particularly in preparation for the July budget, which will outline the fiscal plan for the full year. “Soon after the government is formed, we look forward to a more pointed engagement with the CII to see what best can be done in the July budget,” Sitharaman stated, highlighting the significance of industry consultation in shaping economic policies.

The Finance Minister underscored India’s robust economic narrative, pointing to the country’s immense growth potential across various sectors. Recognized by global entities like the International Monetary Fund (IMF) and S&P Global, India’s economy is poised to make substantial contributions to global growth. She cited projections that the large Indian consumer market, driven by increasing consumption spending, is expected to double by 2031, ensuring India’s continued status as the world’s fastest-growing economy.

Sitharaman elaborated on several key factors contributing to India’s economic dynamism. Firstly, she noted the transition from the past “twin balance sheet problem” to a “twin balance sheet advantage,” as identified by the Reserve Bank of India (RBI) and the Economic Survey. This shift has invigorated market vibrancy, spurring corporate investment and enhancing banks’ lending capabilities.

Secondly, she highlighted India’s demographic dividend, which will last for the next 30 years. This demographic advantage, when paired with skill development initiatives—particularly those involving public-private partnerships in cutting-edge fields such as artificial intelligence and big data—promises to elevate consumer demand and bring widespread prosperity.

Thirdly, the transition towards green energy and sustainability is set to open new markets and stimulate demand. Sitharaman praised the government’s solar initiatives and the push for green hydrogen and green ammonia, both of which are expected to create significant employment opportunities for the youth. “India’s transition towards green energy and a sustainable future will generate new markets and demand,” she noted, emphasizing the government’s commitment to a sustainable and prosperous future.

In conclusion, Sitharaman’s speech conveyed a strong message of optimism and readiness. She portrayed an India on the cusp of a major economic transformation, driven by robust policies, demographic advantages, and sustainable practices. The anticipated electoral victory of the BJP, she suggested, will further consolidate these efforts, paving the way for a thriving and resilient economy under Prime Minister Modi’s continued leadership.

Jhumpa Lahiri

Jhumpa Lahiri

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