The minister also outlined the numerous accomplishments of the Modi administration since May 2014 in response to a brief discussion on the status of the economy in the Rajya Sabha.
New Delhi: Today, Finance Minister Nirmala Sitharaman highlighted that India is maintaining its position as the world's fastest-growing major economy, with significant contributions from all sectors. Responding to a brief discussion on the economy in the Rajya Sabha, she also outlined the achievements of the Modi government since May 2014.
Ms Sitharaman pointed out that India's second-quarter growth is the highest globally, emphasizing the continuous momentum as the fastest-growing economy. Over the past eight years, India has climbed from the tenth to the fifth-largest economy.
She stressed that growth is widespread across the economy, with all sectors making notable contributions. The manufacturing sector, supported by initiatives like Make-In-India and the production-linked incentive scheme, is a significant contributor, making India the world's second most sought-after manufacturing destination.
Providing economic indicators, the finance minister mentioned a 21.82% increase in direct tax collection and monthly GST collections stabilizing at ₹1.6 lakh crore, signaling economic growth. She countered unemployment concerns by noting a decline from 17.8% in 2017-18 to 10% now.
Ms Sitharaman also highlighted a reduction in 'multi-dimensional' poverty, with 13.5 crore people emerging from it in the last five years. Addressing concerns about rising prices, she mentioned government measures to control inflation, with the current retail inflation close to the Reserve Bank's target of 4%.
The finance minister's remarks in the Rajya Sabha reflect confidence in India's economic performance and the government's initiatives to foster growth.