FM Sitharaman Unveils Comprehensive Economic Overview
Finance Minister Nirmala Sitharaman delivered a comprehensive overview of India’s economic landscape during her address to the Rajya Sabha, providing insight into various dimensions:
Multi-dimensional Poverty
Sitharaman underscored a significant concern, revealing that approximately 13.5 crore people have grappled with ‘multi-dimensional’ poverty over the past five years. This highlights the pressing need for targeted interventions and social welfare initiatives to uplift vulnerable populations.
Unemployment Rate
Noteworthy was the Finance Minister’s emphasis on a substantial improvement in the unemployment rate. A notable decline from 17.8% in 2017-18 to the current 10% suggests positive trends in job creation and overall economic stability, crucial indicators for the well-being of the workforce.
Make In India Program
Sitharaman attributed the manufacturing sector’s commendable contribution to the success of the ‘Make In India’ program and Prime Minister Modi’s production-linked incentive schemes. This underscores the positive impact on economic diversification, fostering resilience and sustainability.
Growth Momentum
The Finance Minister highlighted India’s second-quarter growth as not only high but the highest globally. The consistent maintenance of this momentum underscores India’s position as the fastest-growing economy, instilling optimism for sustained economic development and global competitiveness.
Global Economic Dynamics
Drawing attention to the contrasting fortunes of the third and fourth largest economies, Sitharaman showcased India’s impressive growth rate of 7.6% during the same quarter (July to September 2023). This positions India as a significant player on the global economic stage, contributing positively to worldwide economic dynamics.
Economic Ascension
Over the last eight years, Sitharaman pointed out India’s ascent to become the world’s fifth-largest economy. This remarkable achievement serves as a testament to the country’s economic resilience, strategic policies, and trajectory on the international economic landscape.
Inflation Management
The Finance Minister outlined proactive government measures to address inflation, signaling a commitment to maintaining price stability and overall economic health. This demonstrates a holistic approach to economic management and a responsiveness to potential challenges.
Sitharaman’s detailed presentation not only highlights the economic challenges and achievements of India but also underscores the strategic measures being undertaken to foster sustainable and inclusive growth, positioning the country as a key player in the global economic arena.
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