India’s economic resilience driven by aspirations and domestic demand: FM Sitharaman
Mumbai, Nov 2 (IANS) Finance Minister Nirmala Sitharaman on Monday said India’s economic resilience is rooted in the aspirations of its people and strength of its large domestic market, while highlighting the government’s focus on financial inclusion, social security, skills development and fiscal prudence.
Speaking during a fireside chat with HSBC India CEO Hitendra Dave at HSBC India’s ‘Furthering Financial Inclusion’ event here, FM Sitharaman said the expansion of the middle class has increased purchasing power and supported domestic demand.
On financial security, she said universal insurance coverage remains a high priority for the government.
She highlighted schemes such as the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY), which offer insurance protection at affordable premiums, as well as the Atal Pension Yojana which supports pension coverage for citizens.
She said the government aims to achieve the goal of ‘Insurance for All’ by 2047 and is working to deepen insurance penetration across the country.
The finance minister further said initiatives such as Ayushman Bharat — which provides health insurance coverage of up to Rs 5 lakh per family — have enabled people to access medical treatment without being forced to sell assets or property. The expansion of primary healthcare centres has also helped improve access to healthcare services, according to her.
She said stability in governance provides businesses with clarity and confidence, contributing to sustained economic growth.
FM Sitharaman highlighted the World Bank’s estimate that around 50 crore people have moved out of poverty, saying the achievement reflects consistent policy efforts and improved access to basic services.
“Access to schools and skill training after schooling has supported poverty reduction,” she said.
Addressing future employment opportunities, FM Sitharaman said the government is focused on equipping young people with skills required for artificial intelligence-related jobs.
AI-focused training programmes would help bridge the gap between industry expectations and workforce capabilities, according to her.
On the macroeconomic front, FM Sitharaman said capital expenditure remains a key pillar of the government’s growth strategy and stressed the need to closely monitor the fiscal deficit and maintain fiscal discipline.
“Government spending must remain responsible,” FM Sitharaman said.
–IANS
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