Nirmala Sitharaman reappointed as a Finance Minister in Modi 3.0; Here are her key achievements, ETCFO


<p><b>Nirmala Sitharaman reappointed as a Finance Minister in Modi 3.0 </b></p>
Nirmala Sitharaman reappointed as a Finance Minister in Modi 3.0

With the formation of the Modi 3.0 government, Nirmala Sitharaman has once again been appointed as India’s Finance Minister. Her journey from academia to the helm of the Finance Ministry is marked by significant achievements and challenges.

Early Life and Education

Nirmala Sitharaman was born on August 18, 1959, in Madurai, Tamil Nadu. She pursued her undergraduate education in Economics at Seethalakshmi Ramaswami College in Tiruchirappalli. Demonstrating a keen interest in global economic dynamics, she went on to earn a Master’s degree in Economics from Jawaharlal Nehru University (JNU), New Delhi. Her academic pursuits provided a strong foundation for her future career in economics and public policy.

Personal Background

Sitharaman’s personal life is as distinguished as her professional career. She is married to Parakala Prabhakar, an accomplished economist and commentator, and the couple has a daughter. Despite her demanding career, Sitharaman has always emphasized the importance of family, balancing her personal and professional responsibilities with remarkable poise.

Political Career

Nirmala Sitharaman’s political career took off when she joined the Bharatiya Janata Party (BJP) in 2006. Her intellectual acumen and articulate oratory quickly earned her a place in the party’s national executive. She initially served as the party spokesperson, where her sharp and incisive communication skills helped convey the party’s positions on various issues effectively.

Her competence led to her appointment as the Minister of State for Commerce and Industry with independent charge in the first Modi government in 2014. She was also the Minister of State for Finance and Corporate Affairs for a brief period.

In 2017, Sitharaman broke new ground by becoming India’s first full-time female Defence Minister, a role in which she demonstrated strong leadership during several critical junctures, including the Doklam standoff with China.

Finance Ministry Tenure

Nirmala Sitharaman’s appointment as the Finance Minister in 2019 marked a significant milestone in her career. She inherited the portfolio during a challenging economic period but navigated it with strategic reforms and initiatives.

Key Achievements as Finance Minister:

Union Budget Innovations: Sitharaman presented the longest-ever Union Budget speech in 2020, focusing on themes such as Aspirational India, Economic Development, and a Caring Society. Her budgets have aimed at broad-based economic growth, with significant allocations for infrastructure, health, and education.

Corporate Tax Cuts: In 2019, she announced a significant reduction in corporate tax rates to attract investment and stimulate economic growth. The new tax rate for existing companies was slashed to 22% from 30%, and for new manufacturing companies, it was set at 15%.

Atmanirbhar Bharat Abhiyan: Sitharaman was instrumental in the rollout of the Atmanirbhar Bharat (Self-reliant India) initiative, which aimed to bolster the domestic economy through a series of fiscal and policy measures. The package included relief for MSMEs, agriculture, and labor, as well as reforms to attract foreign investment.

Banking Reforms: Under her leadership, the government undertook significant banking sector reforms, including the consolidation of public sector banks to create stronger and more resilient financial institutions.

COVID-19 Economic Response: Sitharaman played a critical role in managing the economic fallout of the COVID-19 pandemic. She announced several relief packages aimed at providing immediate relief to those affected and long-term measures to ensure economic recovery.

Future Challenges and Outlook

As she steps into her role once again in the Modi 3.0 government, Nirmala Sitharaman faces the challenge of steering the Indian economy through global uncertainties, domestic growth imperatives, and fiscal constraints. Her prior experience, coupled with her deep understanding of economic policies, positions her well to navigate these challenges.

Her tenure so far reflects a blend of bold reforms and careful management, aimed at achieving sustainable and inclusive growth. As she continues in her role, the nation watches with anticipation, hopeful that her strategies will propel India towards a robust economic future.

In conclusion, Nirmala Sitharaman’s reappointment as Finance Minister is a testament to her expertise and the trust placed in her by the leadership. Her educational background, personal resilience, and political acumen make her a formidable force in India’s economic policy-making landscape.

  • Published On Jun 10, 2024 at 08:56 PM IST

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