Nirmala Sitharaman, a seasoned politician and economist, has served as India’s Union Minister of Finance and Corporate Affairs since 2019. Sitharaman, the country’s first full-time woman finance minister, has successfully presented five comprehensive budgets. With the imminent interim budget presentation, she is poised to surpass the five-budget streak of her predecessors, including Manmohan Singh, Arun Jaitley, P Chidambaram, and Yashwant Sinha.
From Economist to Political Powerhouse:
Sitharaman’s academic background in economics, coupled with her experience as a spokesperson for the Bharatiya Janata Party (BJP), laid the foundation for her political career. After joining the party in 2008, she rose through the ranks, holding various ministerial portfolios, including Defence and Commerce & Industry.
Highlights of Sitharaman’s Union Budgets:
Here are some notable highlights of her budgetary proposals:
Focus on Infrastructure and Investment: Recognising the importance of infrastructure development for economic growth, she allocated significant funds to sectors like transportation, energy, and digital infrastructure.
Social Welfare Schemes: Schemes like MGNREGA (rural employment guarantee) and Ayushman Bharat (healthcare) received increased allocations, aiming to bolster social security and uplift vulnerable sections of society.
Tax Reforms: Sitharaman introduced measures like corporate tax cuts and rationalisation of personal income tax slabs to stimulate the economy and promote ease of doing business.
Fiscal Consolidation: Despite the pandemic’s impact, she prioritised fiscal prudence, aiming to gradually reduce the fiscal deficit while balancing growth objectives.
Boosting Digital Economy: Recognising the potential of the digital sector, she introduced initiatives like the Digital Rupee and support for startups to accelerate India’s digital transformation.
Looking Ahead:
As India’s economy navigates a complex global environment, Nirmala Sitharaman’s leadership at the helm of the Ministry of Finance will be crucial. Her upcoming budget in February 2024 is highly anticipated, with expectations revolving around measures to address inflation, create jobs, and further propel India’s economic growth. Whether she can effectively balance these priorities and address the concerns raised will be a defining factor in her legacy as India’s Finance Minister.
