FM dismisses Chidambaram’s claim, says need efforts to be 3rd-largest economy

Chidambaram recently asserted that regardless of the Prime Minister, India’s GDP will naturally grow to become the third-largest globally.
Union Finance Minister Nirmala Sitharaman
Union Finance Minister Nirmala SitharamanFile photo | EPS

NEW DELHI: Finance minister Nirmala Sitharaman on Monday challenged Congress leader P Chidambaram’s claim that India’s path to becoming the third-largest economy is inevitable, emphasising that achieving this goal demands considerable efforts and visionary leadership of Prime Minister Narendra Modi.

Former finance minister Chidambaram recently asserted that regardless of the Prime Minister, India’s GDP will naturally grow to become the third-largest globally due to the sheer size of its population, dubbing it as an arithmetic inevitability. “PM Modi has given a guarantee and with clean and transparent administration, we will make sure India reaches the third rank soon,” she said.

Speaking at the Viksit Bharat Ambassador Campus Dialogue at Gitam University in Visakhapatnam, the FM said while the Congress-led government managed to move India’s economy up by two positions, from 12th to 10th between 2004 and 2014, it surged to the 5th spot during Modi’s tenure from 2014 to 2024.

“It’s not a mathematical inevitability. You need effort, you need a visionary leader, you need to stop corruption, you need to make sure that skills are available for our students, you need to make sure functions in delivering welfare schemes for common people, you need to make sure that poor get their due and you also need to make sure businesses have an environment to grow,” stated the minister.

She pointed said apart from the global financial crisis in 2008, the Congress-led government’s tenure saw relatively fewer major issues. In contrast, despite the global pandemic in 2020, India managed to climb from the 10th to the 5th rank over the last decade.

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