Daijiworld Media Network - Chicago

Chicago, Aug 30: The target year for achieving ‘Viksit Bharat’ is 2047, which is barely two decades away, and the pace and scale of ongoing reforms require greater support, Finance Minister Nirmala Sitharaman has said.

Addressing the Indian diaspora in Chicago, Sitharaman said India needed greater support from talented people with global exposure, as well as those who could offer ideas to help take the country's development forward.

“And, above all, support in terms of capital, which is so required for a country to meet all its aspirations,” she told the gathering at the Consulate General of India’s office.

Sitharaman said the government had set a target of bringing the country's borrowing down to 50 per cent of GDP by 2030.

“Therefore, I will be working on that path. There are advanced economies whose debt is well over 200% of their GDP even now. We have given ourselves a fiscal discipline path on the fiscal deficit as well. We have fulfilled the trajectory. The last mile that had to be reached by 2025-26, we have reached,” she said.

The Finance Minister said the world had witnessed Prime Minister Narendra Modi's fiscal prudence both during his tenure as Gujarat chief minister and as Prime Minister.

“Our credit ratings are improving. But that's not by cutting corners. That's not by stopping the resources which have to go for social welfare. It is through proper management of the economy,” she said.

Sitharaman said India did not face a shortage of fertilisers because the government had kept markets informed about the country's requirements.

“The global supply shrank. The challenges were even greater, whether it was crude oil, LPG, or fertilisers. Ships going to procure these supplies were unable to secure adequate insurance cover. Risk premiums had gone up significantly,” she said.

“Through a Budget announcement, we made a pool of funds available so that any additional premium paid by shipping liners due to the risks involved would be supported by the government. As a result, Indian farmers, Indian households and Indian logistics did not suffer,” she emphasised.

Sitharaman said many countries had seen their economic calculations go awry amid the uncertainties in global markets.

“Thankfully, despite our limitations, we have kept our citizens protected in this challenging environment,” she maintained.