Continuity at the policy level and political stability are necessary for economic growth: Sitharaman – Dainik Savera Times
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New Delhi: Finance Minister Nirmala Sitharaman said on Thursday that policy continuity, political stability and decisive leadership are necessary for economic growth and making the country the third largest economy in the world. Sitharaman said at a function at Delhi University’s Shri Ram College of Commerce (SRCC) that quick changes in policies affect economic performance. We have seen this before, when India became one of the five fragile economies of the world. Referring to the achievements of the National Democratic Alliance (NDA) government at the Center in the last nine years, he said, “We need political stability, continuity at the policy level and decisive leadership at the political level for development.”
The Finance Minister said that India was the 10th largest economy in the world in 2014 and has become the fifth largest economy today. He said, “It is being said that India… will automatically become the third largest economy. This is actually an attempt to undermine the efforts of entrepreneurs, farmers and other sections who are taking India forward. Referring to the impact of the policies of the Narendra Modi government, Sitharaman said that during the last 23 years, $ 919 billion Total foreign direct investment (FDI) came in at Rs. Of this, about 65 percent i.e. FDI worth $595.25 billion has come during the last nine years. He said that Prime Minister Modi has used the ‘nudge’ principle of famous economist and Nobel laureate Richard Thaler to promote economic activities as per the needs of India.
The use of the ‘nudge’ principle of practical economics is considered very important from the point of view of policy making. According to this theory, a person is motivated to make necessary positive changes in his behavior. The ‘Nudge’ theory believes that people need guidance and encouragement to behave in accordance with the values of the society or country. Sitharaman said the use of the ‘nudge’ principle can be seen in the ‘Beti Bachao, Beti Padhao’ scheme, which has improved the sex ratio. Under Stand-up India, cheap loans were given to women and people were motivated to give up the subsidy on LPG cylinders.
He said that in order to reduce the dependence on middlemen, PM Swanidhi Yojana was started to provide loan facility to street vendors and the same principle has also been implemented in PM Vishwakarma Yojana. Sitharaman said that the Prime Minister believes in ’empowering’ people, giving them the option to do something as per their own. Spend on the basics that give them the power to decide where they want to be. Providing them with access to essential resources and essential amenities like housing, roads, drinking water, toilets, etc.
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