Bengaluru, NFAPost: In a recent address at the BJP’s ‘Maha Jan Sampark Abhiyaan’ event, Union Finance Minister Nirmala Sitharaman praised the government’s prudent fiscal management during the COVID-19 pandemic, attributing it to India’s successful avoidance of becoming the “most indebted nation.” Sitharaman countered critics who had previously suggested that the government should print money and distribute it to the public during the crisis, stating that such a course of action would have led to increased debt levels.
Sitharaman pointed out that had the government followed this advice, India’s debt would have skyrocketed, and the nation would not have achieved its current status as the fastest-growing economy in the world. Her remarks emphasized the significant role fiscal responsibility played in India’s economic recovery.
As per data from the government, total liabilities rose to Rs 150.95 lakh crore in the December quarter, representing a 2.6% increase from the previous quarter. These liabilities, which include those under the government’s public account, reached Rs 1,50,95,970.8 crore by the end of December 2022. Public debt accounted for 89% of the total outstanding liabilities in the same quarter.
India’s remarkable economic growth has been recognized globally, with a 7.2% growth rate recorded for the 2023 fiscal year. This growth, coupled with the country’s GDP reaching USD 3.3 trillion, has positioned India as the fastest-growing major nation worldwide. According to a report by the International Monetary Fund (IMF), India’s GDP is projected to further increase to USD 3.7 trillion by the end of the 2023 calendar year.
In her address, Sitharaman also took the opportunity to criticize the Delhi government led by Arvind Kejriwal. She highlighted the fact that several ministers from the Aam Aadmi Party (AAP) government are currently facing imprisonment due to corruption charges, while no such allegations have been made against the Narendra Modi-led central government, which recently completed nine years in power.
Overall, Sitharaman’s speech underscored the Indian government’s commitment to responsible fiscal management, which she attributed to the nation’s impressive economic growth and resilience during the challenging period of the COVID-19 pandemic.
