On the auspicious occasion of the 96th and 97th Annual functions of Shri Ram College of Commerce, University of Delhi, the finance minister of India, ‘Nirmala Sitharaman’ showed her presence and interacted with the students on 5th October 2023. The presence of Nirmala Sitharaman at SRCC increased the pleasure of the event by fourfold.
She guided the students about the remarkable growth of the economic position of India from the 15th to the 5th and then from the 5th to the 3rd position in the world. Sitharaman stressed that credit should be attributed to the people of India for their collective efforts, rather than being solely directed towards the current government.
Her comments highlight the significance of recognising the contributions and resilience of the Indian populace in this economic progress.
What are the Key Takeaways from her Speech
On 5th October 2023, Finance Minister Nirmala Sitharaman at SRCC shed light on many crucial points for the growth of the Indian state.
She, without pointing to any particular party or community, clearly stated her points and applauded the contribution of every Indian in making India 5th largest economy.
PM Modi believes in empowerment, not entitlement
Speaking at the event, Sitharaman at SRCC stated, “Prime Minister Narendra Modi does not adhere to the concept of ‘Entitlement.’ Instead, he strongly believes in ‘Empowering’ individuals, providing them with the autonomy to choose their pursuits, investing in fundamental necessities that enable them to make decisions about their future, and granting access to resources and essential amenities such as housing, roads, clean drinking water, and sanitation.”
The finance minister at SRCC event also mentioned that during the COVID-19 pandemic, 80 crore people received complimentary food grains through the PM Garib Kalyan Anna Yojana, as read at The Print.
“We introduced the PM Garib Kalyan Anna Yojana to ensure no one goes hungry. When migrant labourers were returning to their villages, we identified the districts with a significant influx and coordinated various ministry programs to offer them employment opportunities in their respective regions. An allocation of Rs 50,000 crores was made to provide 125 days of employment to them through the PM Garib Kalyan Rozgar Yojana,” she explained.
Sitharaman at SRCC highlighted that more than 400 different job types were registered on the e-Shram portal.
“Through the e-Shram portal initiated by the Modi government, numerous unorganised sector workers registered and were able to select jobs that matched their skills. Skill development options were also made available to them. The e-Shram portal saw the registration of over 400 different job types, with more than 29 crore individuals registered, over 50 per cent of whom are women,” she added.
She emphasised that the credit for India’s rise to become the third-largest economy should be attributed to its citizens.
“Many argue that India’s ascent to the position of the world’s third-largest economy is inevitable and requires no acknowledgement. However, credit is due to the people of India, who should take pride in this achievement. It is the people of India who have propelled the Indian economy from the tenth to the fifth position and will continue to drive it to the third position. To suggest that it is a foregone conclusion without any effort from the people undermines the contributions of our entrepreneurs, farmers, and other segments of society that are propelling India’s progress,” Sitharaman remarked.
The Finance Minister underscored the significant increase in Foreign Direct Investment in India over the past nine years.
Modi Government Uses Nudge Theory to Boost Economics
Nudge theory is a concept within the fields of behavioural economics, decision-making, behavioural policy, social psychology, consumer behaviour, and related behavioural sciences. It suggests that adaptive modifications to the decision-making environment (known as choice architecture) can influence the behaviour and decision-making processes of individuals and groups.
An illustration of this concept can be observed in the ‘Beti Bachao, Beti Padhao’ program, which has successfully contributed to improving the sex ratio, as elaborated by Sitharaman.
Additionally, the Finance Minister referred to the Stand Up India initiative, which provides subsidized loans to women, and the Prime Minister’s call for people to voluntarily relinquish their LPG cylinder subsidies. These examples were used to underscore her argument.