Mumbai (Maharashtra) [India], November 2 (ANI): Finance Minister Nirmala Sitharaman on Monday urged industry leaders and domain experts to shed hesitation and speak with confidence about the country’s strong economic fundamentals, asserting that India has reached a critical in its growth journey.
Speaking during a fireside chat with HSBC India CEO Hitendra Dave at HSBC India’s Third Annual Financial Inclusion Gathering in Mumbai, the Finance Minister called for a shift in mindset across industry sectors.
"India needs to believe in itself. What I often see—even among discerning experts—is constant second-guessing about what tomorrow holds in their sector. If your sector’s fundamentals are fine, you should want every other sector to be similar. Look at our macroeconomic fundamentals: robust GST collections, resilient banking, stable leadership, and massive domestic aspirations. We need to speak with confidence about India's growth narrative," Sitharaman said.
Underlining the drivers behind India's economic resilience despite global headwinds, she highlighted the strength of domestic consumption and policy stability.
"We also have a large market. Earlier, the market did not have that much purchasing capacity. But the growing middle class's purchasing power and resources are growing and growing—that makes a big difference to domestic consumption," she noted.
On poverty reduction, Sitharaman cited recent World Bank data showing extreme poverty dropping to around 2 percent by FY23, attributing it to a multi-dimensional approach rather than short-term doles.
"This is the result of a consistent approach to dealing with poverty—giving people access to very many things, like primary health. The Ayushman Bharat card gives families up to ₹5 lakh in cashless, paperless coverage. Out-of-pocket expense in health is what causes huge stress," she emphasized.
Expanding on financial inclusion, the Minister noted that basic account opening has evolved into active financial empowerment.
"Financial inclusion plays a role in credit score—something people never thought made sense. Simple transactions through bank accounts now measure your creditworthiness. That has made poor people understand why they should join the digital revolution," she explained.
Regarding banking strength and fiscal strategy, Sitharaman reiterated the government's commitment to fiscal consolidation alongside aggressive capital spending.
"Spending is what is required for a growing economy like this... but it has to be done with responsibility. The multipliers actually work and give confidence that the government is not going to sit back and watch," she said.
Addressing agriculture and climate resilience, she urged crop diversification away from water-intensive farming.
"Pulses and oilseeds campaigns are giving incentives and bonus prices so that farmers don't face a crisis if prices drop. The market will stand by them and procure what they grow," she assured.
On technology regulation and AI adoption, Sitharaman advised tech leaders to maintain steady dialogue with regulators.
"Only when continuous engagement happens will we be able to keep improving. Beyond an occasional grievance, there should be positive, continuous engagement so all of us walk the same path. India has to move, and move fast," she said.
Highlighting women-led development, she pointed to ground-level social transformations via schemes like Drone Didi.
"For a village to see women operating drones to spray fertilizer has brought about a transformative change. Women use technology and show results on the ground, making a very big difference in rural areas," Sitharaman said. (ANI)
Believe in India's growth narrative, stop second-guessing: FM Nirmala Sitharaman
