Nirmala Sitharaman: Trailblazing as India's First Full-Time Woman Finance Minister

Nirmala Sitharaman has etched her name in history by becoming the first woman to be sworn in as a minister for the third consecutive term under the Modi government, joining the ranks of prominent figures like Arun Jaitley and Manmohan Singh. Her journey, marked by significant milestones, began when she was appointed as the Defence Minister in 2017, making her the first woman to hold this position. Before this, she served as the industry and commerce minister. Her ascent continued as she took over the finance portfolio in 2019, following Arun Jaitley's illness, after the BJP secured a landslide victory with 303 seats. This appointment made her Independent India's first full-time female Finance Minister, a role previously held briefly by Indira Gandhi as an additional responsibility.

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Upon assuming office, Sitharaman introduced major reforms aimed at bolstering the economy, which included reducing the base corporate tax from 30% to 22%. Her tenure has been pivotal during challenging times, especially during the Covid-19 pandemic. The government under her financial stewardship announced a special economic package worth Rs 20 lakh crore, approximately 10% of India's GDP, to mitigate the pandemic's impact. Her efforts were instrumental in transitioning the economy from a nearly 24% contraction in the first quarter of FY21 to becoming the fastest-growing major economy.

Despite expansive fiscal measures, Sitharaman has been committed to fiscal consolidation, successfully reducing the fiscal deficit to 5.6% of GDP from an earlier estimate of 5.8% for FY24. She also achieved a unique milestone by presenting six consecutive budgets, including five annual and one interim budget, a feat previously accomplished only by former Prime Minister Morarji Desai.

Born in Madurai on August 18, 1959, to Narayan Sitharaman and Savitri, Nirmala Sitharaman's educational journey in economics took her from Tiruchirapalli's Seethalakshmi Ramaswami College to Jawaharlal Nehru University (JNU) in New Delhi for her Masters and M.Phil. Before venturing into politics, she experienced life in the corporate sector in the UK alongside her husband Parakala Prabhakar, whom she met at JNU. The couple has a daughter named Parakala Vangmayi.

Sitharaman's political career commenced in 2008 with her joining the BJP. She quickly rose through the ranks to become one of the party's prominent spokespersons, a role previously held by Sushma Swaraj. Her pre-political career included serving as a deputy director at the Centre for Public Policy Studies in Hyderabad and founding a school in the city. Additionally, she was a member of the National Commission for Women from 2003 to 2005.

Throughout her tenure, Sitharaman has been a staunch advocate of the Modi government's economic policies. Her leadership has seen significant reforms and initiatives aimed at strengthening India's economic position on the global stage. From her historic appointment as Defence Minister to steering India through economic challenges with resilience and determination, Nirmala Sitharaman's journey reflects her commitment to public service and governance.