Nirmala Sitharaman resumed her role as Union Minister for Finance and Corporate Affairs, marking a significant moment in India’s economic leadership. Her reappointment signals Prime Minister Narendra Modi’s commitment to continuity and stability in economic policy as his government embarks on a third term.
Nirmala Sitharaman, accompanied by Pankaj Chaudhary, who took charge as Minister of State, brings a wealth of experience, having served in both the 2014 and 2019 Modi cabinets. Her tenure has been marked by notable achievements, including steering India to a remarkable 8.2% GDP growth in 2023-24, the fastest among major economies, and reducing inflation to below 5%.
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Her previous efforts as Finance Minister saw the fiscal deficit reduced from over 9% of GDP in 2020-21 to a targeted 5.1% for 2024-25.
Under Sitharaman’s leadership, India not only weathered the economic storm from the COVID-19 pandemic but also emerged stronger. Her strategic approach ensured that over 800 million poor were protected, and industries remained hopeful during a hard lockdown. This resilience led to a swift and equitable economic recovery, placing India among the world’s top five economies.
Prime Minister Narendra Modi’s trust in Sitharaman has been rewarded with robust economic fundamentals. Her tenure has transformed India’s banking sector into a robust institution, recovering over ₹10 lakh crores from bad loans.
The Modi government’s economic policies, with Sitharaman at the helm, have redefined India’s global economic standing. From being labelled part of the “fragile five,” India has risen to the fifth largest economy. Projections for the future remain optimistic, with the World Bank revising its GDP growth forecast for FY25 upwards to 6.6%.
As Sitharaman takes on the challenge of presenting the forthcoming budget, her proven track record assures that India’s economic trajectory is in capable hands. Her integrity, hard work, and straightforward approach make her an indispensable part of Modi’s vision for a ‘Viksit Bharat’ by 2047.
The economy, as evidenced by the recent easing of retail inflation to 4.75%, is poised for continued growth. With Sitharaman steering the ship, India’s economic future looks brighter than ever.
