Finance Minister Nirmala Sitharaman on Tuesday said India’s economic expansion is primarily the result of the hard work of its people, industry and micro, small and medium enterprises (MSMEs). She noted that the country recorded 7.8% growth in the first quarter.
Speaking at the 8th International Tax Conference in Bengaluru, Sitharaman said the performance was not accidental and that neither she nor the government should claim credit. Instead, she attributed the outcome to the “extraordinary” efforts of citizens, MSMEs and the wider industrial workforce.
She said government policies provide the framework for businesses and the broader economy to function, comparing policy to railway tracks that enable a journey. She also pointed to the challenging global environment and urged industry players to stay connected with peers elsewhere and work together.
Sitharaman expressed concern over persistent negative commentary suggesting that nothing is happening in the country. She added that even after tax rates were reduced as part of last year’s reforms, the environment created through people’s efforts has continued to deliver results, including strong GST collections.
She said the government’s continuity for a third term, combined with certainty in tax policy, has helped keep India in a strong position despite global challenges.
