'GDP Growth Doesn't Happen Automatically, Efforts Required At Micro, Macro Levels And On The Ground', Says Sitharaman

Finance Minister Nirmala Sitharaman said that before 2014, 10 years were lost to bad policies and corruption

Vishakhapatnam: Union Finance Minister Nirmala Sitharaman on Monday shared key factors essential for India to ensure its GDP’s growth. The minister, who was delivering keynote address on GITAM University's Vizag Campus for the Viksit Bharat Ambassador Campus Dialogue programme, said, "Our PM has set a target that by 2047, we need to reach the destination of a developed India. We have to make efforts, so the GDP grows, and the benefits reach to all. GDP growth doesn't happen automatically; efforts are required at micro and macro levels and on the ground."

Sitharaman said the image of the country is also important, along with the ranking of the GDP. "All these matters, along with per capita income calculations. Unless the GDP is widened, we are not going to be able to meet the demands of the economy. We need investment, services to grow, educational institutions, and money for people to buy houses, start businesses."

Talking about India's economic growth over the years, she said, "India's own efforts to make people's lives better were happening, but they were not effective. We were all stifled because of the way we ordered our economy. One-size-fits-all solutions were given. Then in 1991, we decided to open the economy. New opportunities arose, more resources came from abroad, which made us change and grow. Despite this, many things that could have happened didn’t happen. We realised that opening up has also not helped India."

She articulated the impressive strides taken over the last decade in advancing India towards Viksit Bharat. She urged the audience to actively participate in this people-driven movement, becoming catalysts for the nation's significant transformation.

The finance minister said that before 2014, 10 years were lost to bad policies and corruption. "The economy had declined from where it was in 2004. From 12th in 2004 to 10th in 2014, why did we only move up two points in those ten dark years? Under the leadership of a visionary Prime Minister, India rose to the 5th rank. He stopped all corruption and ensured that, despite Covid, we reached the 5th place. In his third term, India will become the third-largest economy,” Sitharaman mentioned during her speech.

During her speech, the minister inspired the students to become Viksit Bharat Ambassadors and lead the Viksit Bharat journey while underscoring their potential as drivers of change and growth of the nation.

Sribharat Mathukumilli, president, GITAM University, delivered the welcome address and felicitated the Union Minister during the event.

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