New Delhi, April 23 (Agency) Despite the challenges of inheriting a sluggish economy characterised by GDP growth below 5 percent, high inflation, and weak policies reminiscent of pre-1991 levels in 2014, Union Finance Minister Nirmala Sitharaman has credited the transformative leadership of Prime Minister Narendra Modi and a decade of good governance for India’s impressive economic growth. “Despite these daunting challenges, the transformative leadership of Prime Minister Narendra Modi and a decade of good governance have propelled India’s economic growth. We have now emerged as the fifth largest economy globally and are on track to become a five lakh crore economy nation,” stated Sitharaman. She made these comments while addressing the members of Institute of Company Secretaries of India (ICSI) and Institute of Cost and Management (ICMAI) at Kasia Hall here on Monday.
Sitharaman also emphasised the central government’s commitment to simplifying systems and removing obsolete regulations to improve the ease of doing business. She revealed that the government has already removed 1,500 outdated regulations in the economic and corporate sectors as part of its revolutionary process. “Reformation is not a stagnant water. It is a continuous process,” Sitharaman added, highlighting the ongoing nature of economic reforms. On comparisons between the economies of India and China, Sitharaman commented on the potential opportunities for India in the global context, especially considering China’s economic slowdown. However, she stated that India has already reached significant milestones in terms of human resource policy, economic initiatives, and foreign exchange policies.