Finance Minister Nirmala Sitharaman on Wednesday said India’s fundamentals are strong once again based on the steps taken by the government since 2014, including reducing corporate tax, ensuring digitization of the economy and bringing in GST and IBC. He said that this heavy lifting prepared the country for the unprecedented situation of the COVID-19 pandemic.
Sitharaman said when the government takes a targeted approach of providing assistance and takes inputs from the ground and does so quickly, timely and openly, the impact is visible to all. He cited a study on the Pradhan Mantri Garib Kalyan Yojana (PMGKY), which showed that people across the country were 75 percent less likely to cut consumption utilities. The study also revealed that PMGKY reduced the chances of all respondents to borrow money by 67 per cent.
She was speaking with the Securities and Exchange Board at the launch of the Department of Economic Affairs’ prestigious day celebrations India (Sebi) under the Azadi Ka Amrit Mahotsav (AKAM) in Delhi on Wednesday.
Citing another study on Emergency Credit Liquidity Guarantee Scheme (ECLGS), the Finance Minister said that as of March 2022, loans sanctioned under this scheme have crossed Rs 3.19 lakh crore and the scope of ECLGS has now been extended to 2023. has gone. Studies say this handholding has saved many lives during the pandemic.
“The third study highlighted by the Finance Minister was on the Ayushman Bharat scheme, in which the implementation of the scheme has been linked with a 21% drop in out-of-pocket health expenditure and an 8 per cent reduction in borrowing for emergency health care. objectives,” the Finance Ministry said in a statement on Wednesday.
Sitharaman said that the Department of Economic Affairs, with the support of several multilateral institutions, has channeled external aid to every region of the country. India cleverly raised funds and distributed them not only for building infrastructure but also for livelihood prospects in each region.
He also appreciated the efforts of the Department through the IDEAS project, which is spread across so many countries and is transforming the livelihood environment, especially for most of Africa and island countries.
In his address during the AKAM function, Chief Economic Adviser Ananth V Nageswaran said this government’s structural reforms, such as the Goods and Services Tax (GST) and the Insolvency and Bankruptcy Code (IBC), would reveal their advantages and potential. In the coming decade, the current cloud of once global political developments and macro monetary policy challenges will prevail.
The CEA underlined that for these reasons, India is projected by the International Monetary Fund (IMF) to cross $5 trillion by 2026-27, and if the country’s GDP doubles every seven years, it will exceed $1.5 trillion by 2040. Individual GDP will be $20 trillion. Income closer to $15,000.
Nageswaran said that India is in a better position than many other countries to meet the current challenges. He indicated that we are faced with challenges of managing sustained high growth, moderate inflation, maintaining fiscal balance and keeping the external value of rupee stable. The CEA said the government is prepared to meet the challenges of balancing these key critical considerations.
Sitharaman also launched the NETRA (new e-tracking and remote administration) portal and mobile application for the Indian Development and Economic Assistance Scheme (IDEAS).
Apart from Finance Minister and Chief Economic Adviser, Economic Affairs Secretary Ajay Seth and SEBI Whole Time Member SK Mohanty also participated.
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