Nirmala Sitharaman Takes Charge as Finance Minister

By siliconindia  |  Wednesday, 12 June 2024, 02:11:18 PM IST

Nirmala Sitharaman Takes Charge as Finance Minister
Nirmala Sitharaman assumed charge as the Union Minister for Finance and Corporate Affairs at the South Block office in Delhi today, continuing her pivotal role in the Modi administration. Accompanied by Pankaj Chaudhary, who took office as the Minister of State (MoS) in the Ministry, Sitharaman signed important files, marking her return with a commitment to economic continuity and stability.
Sitharaman's reappointment underscores Prime Minister Narendra Modi's message of maintaining a steady economic policy. Her tenure as Finance Minister since 2019 has been marked by significant achievements, including steering the Indian economy to an impressive 8.2% growth rate in the 2023-24 fiscal year, the highest among major global economies. She has also effectively managed to bring inflation down to below 5%, a notable accomplishment in a volatile global economic climate.
Under her leadership, the fiscal deficit has been curtailed from over 9% of GDP in 2020-21 to a targeted 5.1% for 2024-25. Sitharaman's economic stewardship has demonstrated a balanced approach to growth and fiscal prudence.
Her journey in the government began in 2014 as the Minister of State for Finance and Corporate Affairs. She then took on the role of Minister for Commerce and Industry with Independent Charge before being appointed as Defence Minister in 2017. In 2019, Sitharaman became the Finance Minister, a position she has retained in the Modi 3.0 Cabinet due to her proven track record.
Sitharaman now faces the significant task of presenting a full budget following the interim budget ahead of the recent Lok Sabha elections. This budget will be crucial in sustaining the high growth trajectory of the economy, creating jobs, and balancing the expectations of coalition partners. Her experience and past successes are expected to guide her in navigating the complex economic landscape while advancing India's development agenda.

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