Finance Minister Nirmala Sitharaman on Thursday strongly underlined India’s steadfast position as the fastest-growing major economy, with inflation averaging around 5.5 per cent during 2014-15 to 2023-24, manufacturing sector registering highest growth of 13.9 per cent in Q2 this year and execution of the Government’s new schemes making significant difference to the lives of the common man
Speaking in the Rajya Sabha during the ongoing Winter session of Parliament, Sitharaman pointed out that since 2014, retail inflation has never breached the 8 per cent mark. In contrast, between 2004 and 2014, the average inflation was 8.1 per cent. Also between 2009 and 2014, the average inflation was in double digits at 10.4 per cent, she told the House. Drawing attention to India’s growth performance, Sitharaman emphasised that India’s second quarter growth was highest in the world as India continued to be the fastest-growing economy. “The 3rd & 4th largest economies have contracted as well as emerging economies. In comparison, India’s over 7 per cent growth is significant,” the Finance Minister asserted, adding that over the past eight years, India has ascended from being the 10th largest economy to the fifth largest, showcasing remarkable economic progress
The Finance Minister referred to UPA’s various ‘naam ke vaaste’ schemes which were launched but not executed properly and hence didn’t reach the common man whereas, Prime Minister Narendra Modi led Government has not only implemented new schemes but executed them in such a way that they have made a huge difference to the lives of the common man. She highlighted the basic Savings Bank Deposit Accounts Scheme launched in 2005, the 24.3 crore BSBDA bank accounts opened in 2014, the Jan Dhan Yojana launched in 2014 which by December 2023, saw 51 crore accounts which were opened in just nine years. Sitharaman also said that the ‘Swavalamban’ scheme launched in 2010, garnered 29 lakh accounts in 2014 and the Atal Pension Yojana launched in 2015, had 5.95 crore subscribers by December 2023.
The Finance Minister reminded the House that before Raksha Bandhan, the Government brought down the price of LPG cylinders by Rs 200. Similarly, under PM Garib Kalyan Anna Yojana, free food grains are being given to 81.35 crore beneficiaries. She compared this with the states which didn’t reduce the prices of petrol and diesel despite the Centre reducing the duty on the same. “Some of those states were lost by the then-ruling dispensations because they kept the prices very high. Some Opposition-ruled states like Punjab and Himachal Pradesh even raised the prices, going against the well-being of the poor.