Nirmala Sitharaman Unveils Economic Transformation: Modi Government’s Decade-Long Journey
Finance Minister Nirmala Sitharaman took the center stage in the Lok Sabha, presenting a scathing critique of the previous Congress-led UPA government’s economic management and applauding the transformative journey under Prime Minister Narendra Modi. The debate revolved around the ‘White Paper on Indian Economy,’ sparking heated exchanges and unveiling the economic ideologies that have shaped India’s trajectory over the past decade.
In her spirited address, Sitharaman highlighted the Modi government’s commitment to putting the nation first. She emphasized the pivotal shift from the ‘fragile five’ status to becoming one of the ‘top five’ global economies. The Finance Minister took the opportunity to lambast the UPA government, accusing it of putting the ‘first family’ ahead of national interests and leaving the country in dire straits by 2014.
The contrast between the two governments became a focal point of Sitharaman’s discourse. She pointedly discussed the ‘White Paper’ as a record for posterity, urging the youth to acknowledge Prime Minister Modi’s efforts in restoring India’s past glory. Amid constant disruptions by Congress members, Sitharaman drew attention to the divergent paths taken during the tenures of the two governments.
Sitharaman argued that the Modi government’s success lay in its sincere intent, transparency, and prioritization of national interests. She cited instances of effective governance during the global financial crisis and the challenging post-Covid period, asserting that the results spoke for themselves. The Finance Minister passionately addressed interruptions from the opposition, defending the government’s handling of the Covid crisis with sincerity, transparency, and dedication, even highlighting the distribution of free vaccines.
A significant portion of Sitharaman’s critique focused on the UPA-era coal scam, which she claimed resulted in a staggering loss of Rs 1.86 lakh crore to the country. She vividly portrayed the aftermath – job losses, coal shortages, and power outages. In contrast, Sitharaman praised the Modi government’s transparent coal auctions, leading to a substantial increase in production.
The Finance Minister delved into the banking sector, attributing the rise in bad loans during the UPA’s tenure to the practice of phone banking. She highlighted the Modi government’s decisions, resulting in a remarkable decline in Non-Performing Assets (NPAs) and a significant increase in the profitability of public sector banks.
Opposition members, including those from TMC and RSP, objected to the White Paper discussion, viewing it as an attempt to defame the previous UPA government. Sitharaman responded robustly, challenging them to provide uninterrupted replies if they had the courage to counter her arguments.
Simultaneously, outside the parliamentary proceedings, Sitharaman continued her critique, accusing the UPA government of pushing the country into the ‘Fragile Five’ and compromising national security. She underscored the transformative journey under Prime Minister Modi’s leadership, positioning India on the trajectory to becoming the third-largest global economy and aspiring for developed nation status by 2047.
Also read: Exclusive: Paytm CEO Vijay Shekhar Sharma Seeks FM Sitharaman’s Intervention Amid RBI Crisis
The parliamentary session unfolded as a battleground of economic ideologies, with Sitharaman passionately defending the Modi government’s policies while the opposition questioned the legitimacy of the White Paper discussion. The economic narrative emerged as a decade-long journey marked by challenges, achievements, and a vision for India’s future. As the debate continued, it became evident that the discourse on economic policies would shape the narrative leading into future political landscapes.
Who is Nirmala Sitharaman?
Nirmala Sitharaman is an Indian politician and the current Finance Minister of India. Born on August 18, 1959, in Madurai, Tamil Nadu, she has been a prominent figure in Indian politics. Sitharaman has a background in economics and international relations, with degrees from Seethalakshmi Ramasamy College in Tiruchirapalli and Jawaharlal Nehru University in Delhi.
Before entering politics, she had a successful career in the corporate sector, working in various capacities in the UK and India. Her association with the Bharatiya Janata Party (BJP) grew through her involvement in the party’s economic and political forums. She became a national spokesperson for the BJP and later served as a member of the Rajya Sabha, the upper house of India’s Parliament, from 2016.
In 2014, Nirmala Sitharaman was appointed as the Minister of State for Finance and Corporate Affairs. In 2019, she made history by becoming India’s first full-time female Finance Minister, presenting the Union Budget in the same year. Sitharaman has been a key figure in shaping India’s economic policies, particularly during challenging times such as the global economic slowdown and the COVID-19 pandemic.
Known for her articulate communication and involvement in economic reforms, Nirmala Sitharaman plays a crucial role in addressing India’s fiscal challenges and opportunities. Her journey from the corporate sector to the finance ministry has made her a notable and influential figure in Indian politics.
