Finance Minister Nirmala Sitharaman, speaking at the Gujarat Chambers of Commerce and Industry (GCCI) in Ahmedabad, praised the remarkable resurgence of the Indian economy, particularly the banking sector, since 2014, suggesting that it serves as a valuable case study even for esteemed institutions like Harvard Business School. She highlighted the theme of Vikshit Bharat 2047 during her address.
Sitharaman emphasized the significant transformation witnessed in India’s banking landscape and the comprehensive reforms introduced by the government over the past few years. She addressed the challenges faced in 2014, notably the twin balance sheet issue, where both banks and companies struggled with non-performing assets (NPAs) and loan repayment difficulties, respectively.
Drawing parallels, Sitharaman referenced the collapse of the Silicon Valley bank in the United States, contrasting it with the Indian government’s proactive measures to safeguard the stability of domestic banks amidst and after the pandemic. She commended the Indian banking sector for its adept handling of mergers and ensuring stability during testing times.
Reflecting on India’s journey, Sitharaman acknowledged the hurdles encountered in reviving the economy, including merger complexities, liquidity constraints in 2019, the disruptive impact of COVID-19 in 2020, and the subsequent need for economic restoration.
Sitharaman expressed confidence in India’s prospects, envisioning the realization of Viksit Bharat by 2047 through sustained collaborative efforts. She stressed the necessity of continued commitment from all stakeholders, projecting a promising trajectory for India’s future.
Furthermore, Sitharaman highlighted the resilience and advancement of the Indian economy, underscoring the government’s unwavering dedication to fostering growth and progress.
