Union Finance Minister Nirmala Sitharaman on Monday reaffirmed the Centre's commitment to reducing the fiscal deficit, emphasizing that this commitment is clearly demonstrated through the annual budgets. According to reports from PTI, Sitharaman told reporters that the government has openly stated its goal to achieve a national debt-to-GDP ratio of 50% by 2030. The Finance Minister stressed that the government is consistently implementing measures to reduce the Union Government's debt burden. Speaking to reporters at Tamil Nadu's Tiruchirappalli after an event, Sitharaman said the government had outlined its debt-reduction commitment in successive Union budgets and was taking measures to bring down the Union government's debt.
Sitharaman highlighted that India's approach to debt management has received recognition from international organizations. As reported by PTI, she stated that international organizations have acknowledged India's disciplined approach to debt management. This recognition underscores the government's commitment to maintaining fiscal responsibility while pursuing economic growth objectives.
Addressing concerns about the national debt, Sitharaman acknowledged that every nation has faced debt challenges since the post-Covid period. According to PTI reports, she emphasized that this debt challenge is a global phenomenon affecting countries worldwide. The Finance Minister's comments provide context for India's debt management strategy amid international economic pressures.
The Finance Minister highlighted the Centre's efforts to contain inflation and protect consumers from price shocks. As reported by PTI, Sitharaman said a dedicated group of ministers had been working since 2014 to maintain price stability through supply-chain management. Citing measures such as restrictions on rice exports, Sitharaman said the government had sought to protect domestic consumers from rising prices while ensuring that farmers received the minimum support price (MSP).
