On Friday, BJP leader and Finance Minister Nirmala Sitharaman expressed confidence that Prime Minister Narendra Modi will secure a substantial majority in the ongoing Lok Sabha elections. If the BJP wins the majority, Modi will become Prime Minister for the third consecutive term.
Addressing the CII Annual Business Meeting, Sitharaman confidently asserted, “We are certain that Prime Minister Narendra Modi will return with a substantial majority.” With four of the seven election phases completed, the nation eagerly awaits the vote counting on June 4.
She underscored the government’s unwavering commitment to engaging with the CII (Confederation of Indian Industry) to determine the best approaches for the upcoming July budget, which will cover the entire fiscal year. “Soon after the government is formed, we eagerly anticipate a more focused engagement with the CII to explore what best can be done in the July budget…a significant amount of consultation can commence with the CII team,” Sitharaman added.
Sitharaman emphasized India’s compelling growth story, noting that the country offers immense growth opportunities across all economic segments. For instance, the e-commerce sector is projected to reach [$ 1 trillion] by 2025, and the manufacturing sector is expected to contribute [$ 1 trillion] to the GDP by 2022. She pointed out that global agencies like the IMF and S&P recognize India’s potential to contribute significantly to global growth.
She also mentioned that the Indian consumer market is expected to double by 2031 due to increased consumption spending, ensuring India remains the fastest-growing economy.
Sitharaman elaborated on the twin balance sheet advantage, a term coined to describe the government’s successful efforts to resolve the issue of non-performing assets in the banking sector and corporate debt. This shift has encouraged corporate investment and increased banks’ willingness and capacity to lend, leading to a vibrant market environment.
Furthermore, she highlighted the country’s demographic dividend, which will benefit India for 30 years. India can ensure prosperity and increased consumer demand by complementing this with skill development through public-private partnerships. Specifically, the government is planning to launch training programs in emerging technologies such as artificial intelligence and big data, ensuring that our workforce is equipped for the future.
Sitharaman also delved into India’s transition towards green energy and a sustainable future, which she firmly believes will create new markets and demand. She highlighted the government’s robust push for solar power and initiatives in green hydrogen and ammonia, which are expected to provide significant job opportunities for youth, reinforcing India’s commitment to a sustainable future.