- Finance Minister Nirmala Sitharaman announced that India is currently the fastest-growing economy
- She credited the growth with the visionary leadership of Prime Minister Narendra Modi
- Highlighted the significance of political stability through a continuous government
Finance Minister Nirmala Sitharaman on Monday said that India is now the fastest-growing economy, crediting this success to the "visionary leadership" of Prime Minister Narendra Modi and the stability provided by a stable government.
Addressing the Indian diaspora in the US, said, Sitharaman "When we say the fastest-growing economy is India, and when world institutions like the IMF and World Bank recognize India's potential as a global trade driver, they are recognizing the huge opportunities presented by India."
Addressing economic reforms, the minister explained that while the fiscal deficit in India had gone up during the COVID-19 pandemic, the government had immediately mapped out its plan in 2021 to control it. She reiterated the government's commitment to taking the fiscal deficit below 4.5 percent by 2026, adhering to a well-defined pattern of annual targets.
Sitharaman highlighted that under the leadership of Prime Minister Modi, the topmost priority is to achieve the vision of 'Viksit Bharat' (Developed India) by 2047. This includes comprehensive development in fields concerning women, the downtrodden, youth, and farmers.
She referred to India's focus on emerging sectors, or 'Sunrise Sectors', and emphasized the world leadership of the nation in Digital Public Infrastructure, which is propelling innovation and sustainable development. The Finance Minister also pointed out Prime Minister Modi’s commitment to engaging with the Indian diaspora during his international visits, recognizing the significant contributions Indians abroad make globally.
Sitharaman is here on a five-day visit to the United States. She was received by Indian Ambassador Vinay Mohan Kwatra upon arrival in San Francisco. Her engagements include giving a keynote speech at Stanford University and meeting CEOs in San Francisco with regard to investment and technology.
Her tour will also feature a visit to diaspora engagement activities to support India's international and cultural engagement. She will participate in IMF and World Bank Spring Meetings and G20 Finance Ministers and Central Bank Governors' meetings in Washington D.C. She will also have bilateral talks with finance counterparts of the US, UK, France, Germany, and Saudi Arabia and the leaders of large international financial institutions. After visiting the US, Sitharaman will leave for Peru on April 26-30.
