Nirmala Sitharaman Slams Congress, Highlights Modi Govts Economic Success

New Delhi, Dec 7: Finance Minister Nirmala Sitharaman strongly criticized the Congress party for launching superficial schemes during her speech in the Rajya Sabha on the state of the economy. She emphasized how the meticulous implementation of these schemes under the Modi government has effectively reached the needy and contributed to India's emergence as the fastest-growing major economy.

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Addressing Criticism and Showcasing Progress

Responding to former Finance Minister P. Chidambaram's claims of job-less growth, Sitharaman presented evidence to demonstrate that the working population ratio has increased under the Modi government. She highlighted the success of initiatives like the Mudra loan scheme in creating self-employment opportunities and the uplifting of 13.5 crore individuals out of multidimensional poverty.

Dismissing the North-South divide theory, Sitharaman explained that the profits and taxes generated by large companies in states like Tamil Nadu are a result of their nationwide sales, not just within the state where they are registered. She emphasized that it is incorrect to assume that these states contribute more to taxes but receive a lesser share compared to states in the North with fewer large corporations.

Validation from Global Publications

Sitharaman cited reports from Western publications to validate the Modi government's effective handling of the economy during global turbulence. She highlighted the rupee's relative stability, with only a 1% depreciation against the dollar in the current year.

Inflation Management and Economic Growth

Regarding inflation management, Sitharaman presented data indicating that the average rate of price rise from 2014-15 to 2023-24 was 5.5%, with a peak of 7.79% in April 2022. She compared this to the average inflation rates of 8.1% during 2004-2014 and 10.4% from 2009-2014.

Sitharaman also highlighted the significant increase in per capita income, which rose from Rs. 78,348 in 2013-14 to Rs. 115,746 currently. In dollar terms, per capita income has increased from USD 1,438 to USD 2,389 in 2022-23.

Effective Implementation of Schemes

In response to criticism that the Modi government merely claims credit for schemes initiated by the previous government, Sitharaman asserted that the UPA had launched various superficial schemes that were not properly executed and failed to reach the common man. In contrast, the Modi government not only implemented new schemes but also ensured their effective execution, making a substantial difference in the lives of ordinary citizens.

She cited examples of earlier schemes like the BSBD account scheme, pension schemes, and Jan Aushadhi scheme, which were poorly implemented during the UPA regime. Sitharaman emphasized that the Modi government has prioritized ensuring that the benefits of schemes reach the intended beneficiaries and provided data to support this.

Addressing Allegations of Discrimination

Sitharaman refuted allegations that the central government discriminates against non-BJP-ruled states. She asserted that Prime Minister Narendra Modi does not discriminate against any state and believes in the equal growth of all states for India's overall progress.

She highlighted various schemes launched by the Modi government that aim to serve all sections deserving of government support, without any earlier equivalence.

Responding to Criticism from TMC MP

In response to remarks made by TMC MP Derek O'Brien, Sitharaman criticized the law and order situation in West Bengal, citing instances of violence, sexual assault, and brazen murders. She emphasized that even the Calcutta High Court has expressed shock at the state's situation.

Addressing Concerns about Worker Population Ratio

Sitharaman dismissed former Finance Minister P. Chidambaram's claims regarding the Worker Population Ratio (WPR). She termed his calculations as whimsical and misleading, pointing out that the WPR declined from 42% in 2004-05 to 38.6% in 2011-12 under the UPA regime. She also highlighted the decline in youth unemployment rate between the ages of 15-29 years and the expansion of youth LFPR (Labour Force Participation Rate) under the Modi government.