Indian Economy Supported by Domestic Demand and Aspirations, Says Finance Minister Nirmala Sitharaman
Finance Minister Nirmala Sitharaman highlights the role of domestic demand and aspirations in strengthening Indias economy during a recent event.
Mumbai, November 2 (Daily Kiran) : Finance Minister Nirmala Sitharaman stated on November 2 that the strength of the Indian economy is bolstered by the aspirations of its people and the robust domestic market. Speaking at HSBC India’s “Furthering Financial Inclusion” program in Mumbai, she emphasized the government’s focus on financial inclusion, social security, skill development, and fiscal discipline.
During her conversation with CEO Hitendra Dave, Sitharaman noted that the expansion of the middle class has increased purchasing power, thereby supporting domestic demand. She highlighted that ensuring insurance coverage for all remains a top priority for the government.
The Finance Minister referenced initiatives such as the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and the Pradhan Mantri Suraksha Bima Yojana (PMSBY), which offer affordable insurance premiums. She also mentioned the Atal Pension Yojana, aimed at providing pension coverage to citizens.
Sitharaman outlined the government’s goal of achieving “insurance for all” by 2047, as it works to enhance insurance accessibility across the nation. She pointed out that programs like Ayushman Bharat, which provides health insurance coverage of up to 5 lakh rupees per family, have enabled people to receive treatment without selling their assets. The expansion of primary health centers has also improved access to healthcare services.
She stated that stability in governance instills clarity and confidence in businesses, facilitating continuous economic growth. Citing a World Bank estimate, Sitharaman noted that approximately 500 million people have risen above the poverty line, a testament to ongoing policy efforts and improved access to essential services.
Sitharaman remarked, “Access to schools and skill training after education has helped reduce poverty.” Discussing future employment opportunities, she mentioned that the government is focusing on equipping youth with skills for jobs related to artificial intelligence (AI).
According to her, AI-focused training programs will bridge the gap between industry expectations and workforce capabilities. Furthermore, she reiterated that capital expenditure remains a core pillar of the government’s development strategy, stressing the importance of monitoring the fiscal deficit and maintaining fiscal discipline.
“Government spending must be responsible,” she concluded.
