FM Sitharaman Outlines 5-Pillar Strategy For Indian Economy's Sustained Momentum

Finance Minister Nirmala Sitharaman on Sunday outlined five pillars that she said would sustain India's economic momentum, which are regulatory environment, quality infrastructure, international partnerships, macroeconomic stability and sustained investment.

Speaking at NDTV Profit's Business Leadership Awards event, Sitharaman said regulation should be a "guard rail" and not a "toll gate".

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She said the country's binding constraint was no longer roads or ports.

India has expanded its economic partnerships over the years, giving farmers' products access to global markets while creating greater choices and mobility pathways for young Indians to work and build their futures, she said.

Sitharaman said there has been no reduction in the quality of expenditure. She added that credit growth remains healthy and the banking sector is well capitalised.

Highlighting the government's focus on youth, Sitharaman said the first thing done after every Union Budget is a discussion with young people. She said suggestions for the Budget are invited through the MyGov portal, adding that the Budget announcement on the "orange economy" was based on a suggestion from a college student.

She said more than 12 lakh appointment letters have been distributed. Sitharaman also highlighted the Rs 1 lakh crore PM Viksit Bharat Rozgar Yojana, saying it is creating 3.5 crore jobs.

On skill development, Sitharaman said 1.6 crore young people have received free training across 200 courses. She added that Rs 60,000 crore is being invested to modernise 1,000 Industrial Training Institutes.

The finance minister said the artificial intelligence revolution will not be confined to metro cities. AI infrastructure is being built in Tier-II and Tier-III cities, with 27 labs established and 543 additional labs approved.

She also highlighted the PM Internship Programme, saying it gives young people exposure at the country's top 500 companies.

On sports, Sitharaman said the Khelo India programme is discovering talent across villages, with more than 63,000 students participating. She said the National Sports Policy provides modern facilities, medical care, performance analysis and international exposure. Sitharaman also said Ahmedabad will host the 2030 Commonwealth Games.

The finance minister said the number of recognised startups has risen from 340 in 2014 to 2.2 lakh today. She added that 12 crore new entrepreneurs have received loans under government schemes.

On higher education, Sitharaman said the number of universities has increased from 723 in 2014 to 1,340 today, while the number of colleges has risen from 36,600 to 52,000. She said more than 2,100 medical colleges are operating in the country, with 1.3 lakh MBBS seats and 85,000 postgraduate medical seats. The number of AIIMS has increased from eight to 23 over the past 12 years.

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Calling on businesses to invest in talent, Sitharaman said industry must invest boldly in talent. While AI is transforming industries, humans must remain in the loop, she said, adding that businesses have opportunities to create employment in Tier-II and Tier-III cities.

"The India story is written in shopfloors, firms, research labs and corporate offices," Sitharaman said.

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