Finance Minister Nirmala Sitharaman announced that India has successfully lifted around 25 million people out of poverty in recent years. Speaking at an economic conference in New Delhi, she highlighted that India is rapidly progressing towards becoming the world’s third-largest economy. The Finance Minister attributed this achievement to strong economic reforms, targeted welfare schemes, and an inclusive development model.
She stated that India’s growth story is not just about GDP figures but about improving lives. According to her, government initiatives such as PM-KISAN, Jal Jeevan Mission, and PM Awas Yojana have transformed rural livelihoods. These welfare programs, she said, ensure that growth reaches every section of society. The Finance Minister also emphasized the importance of continuing investment in infrastructure, education, and healthcare to sustain this progress.
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Poverty Reduction through Policy Reforms
Sitharaman explained that India’s poverty reduction has been driven by a combination of economic stability and targeted social interventions. The government’s focus on direct benefit transfers (DBTs) eliminated middlemen and corruption, allowing financial aid to reach beneficiaries directly. This transparent system, she said, has saved billions of rupees while increasing the efficiency of welfare programs.
She further pointed out that rural employment under MGNREGA and housing schemes under PMAY have strengthened the social safety net. As a result, millions of families who once struggled for basic needs now have better access to housing, clean water, and sanitation. Moreover, these welfare measures have created job opportunities, leading to a stronger rural economy.
Transitioning to the broader economic landscape, the Finance Minister remarked that India’s fiscal policies have prioritized inclusive development. She highlighted that inflation remains under control, while GDP growth consistently stays among the highest globally. These factors, she said, reflect the strength of India’s economic fundamentals.
Strong Growth Path Towards Global Leadership
Sitharaman asserted that India’s current trajectory would soon make it the third-largest economy in the world, behind the United States and China. The IMF and World Bank projections also align with this view, predicting India’s GDP to surpass Japan and Germany within the next few years.
According to her, the government’s strategic focus on manufacturing, renewable energy, and digital innovation has fueled this momentum. Initiatives such as Make in India and Digital India have attracted foreign investment, strengthened domestic industries, and created millions of jobs. She emphasized that this rapid growth is sustainable because it is supported by strong infrastructure and a young, skilled workforce.
The Finance Minister added that India’s focus on self-reliance, through the Atmanirbhar Bharat initiative, has improved the country’s capacity to produce goods domestically. This shift, she said, has reduced dependence on imports and strengthened the rupee. Moreover, the government’s continued emphasis on exports and technology-driven industries has positioned India as a global economic powerhouse.
Welfare Schemes Fueling Economic Inclusion
Sitharaman credited Prime Minister Narendra Modi’s government for launching numerous welfare programs aimed at poverty alleviation. She mentioned that the PM Garib Kalyan Yojana and Ayushman Bharat have significantly improved the quality of life for millions. Affordable healthcare, she noted, has reduced financial stress for low-income families.
Furthermore, the expansion of digital banking and financial literacy initiatives has empowered citizens. Over 500 million bank accounts have been opened under the Jan Dhan Yojana, allowing the poorest households to access financial services. These programs have laid a strong foundation for long-term economic stability.
The Finance Minister also discussed the role of women in economic growth. She said that initiatives like Mudra loans and self-help groups have enabled women entrepreneurs to expand businesses and support families. According to her, this inclusion of women in economic activities has had a direct impact on community development and social upliftment.
India’s Economic Outlook Remains Strong
Sitharaman stressed that the government remains committed to fiscal discipline while supporting growth-oriented policies. She reaffirmed that India’s macroeconomic indicators remain stable, with strong forex reserves and manageable debt levels. The country’s emphasis on green energy transition and technology-driven governance, she said, will further attract international investors.
She also underlined the government’s focus on future-ready infrastructure through the Gati Shakti and National Infrastructure Pipeline projects. These programs are designed to improve connectivity, logistics, and overall productivity across the nation. By integrating various sectors, the government aims to achieve balanced growth in both urban and rural areas.
The Finance Minister concluded that India’s success in reducing poverty and boosting growth demonstrates the strength of its policy framework. She said the nation’s vision for the next decade is clear — to create a self-reliant, inclusive, and globally competitive economy. With continued reforms and people-centric policies, she expressed confidence that India will not only become the third-largest economy but also a model for equitable development.
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