Digitisation has made Indian economy transparent and open - Union Finance Minister Nirmala Sitharaman

Washington: Union Finance Minister Nirmala Sitharaman has said that the Indian economy is transparent, open and watchable to anyone. Sitharaman claimed that the digitisation introduced by the government had accelerated the economy and has led to an increase in transparency. At the same time, Sitharaman has claimed that globalisation, which benefits a handful, has lagged behind. Now, the process of re-globalisation, which benefits more and more people, has begun.

While addressing the ‘US-India Strategic Partnership Forum’, Finance Minister Sitharaman highlighted India’s economic growth and performance. Previously, around 40 percent of India’s economy was considered a ‘grey economy’, meaning it was informal and unregistered at the official level. The Indian government took steps to encourage digital transactions, and as a result, these transactions began to be recorded. The Finance Minister elaborated that, as a result, India’s economy has grown rapidly, leading to an increase in the country’s ambitions.

Furthermore, India will become the centre of AI in the next 25 years, making life more comfortable. Sitharaman also highlighted India’s focus on green hydrogen as an alternative fuel, emphasising that the government has allocated a significant portion of the budget towards its development. All this has been made possible due to the success achieved on the front of digitisation and increased transparency and openness of the Indian economy, Sitharaman claimed.

Moreover, India’s Finance Minister has indirectly taken a jab at China by emphasising to American industry that India has achieved a transparent, open, and watchable economy. Although China is the second largest economy in the world, China is not transparent about its economy. China releases false and misleading statistics without revealing real economic information. Due to this, responsible economists have warned that China’s fake data bubble will eventually burst. Against that backdrop, Sitharaman seems to have made the American industry aware that the transparency and openness of the Indian economy are more credible.

Sitharaman further said that China’s economy is opaque and indirectly mentioned that the world’s supply chain was in danger because of China after the Covid pandemic. That is why the world is now rethinking this, Sitharaman pointed out. India’s finance minister has also said that the earlier process of globalisation was beneficial to some, but now it is being reconsidered. Finance Minister Sitharaman pointed out that the re-globalisation process has started and is a reliable system that will benefit more and more people.

Meanwhile, the finance minister of India has expressed the belief that this re-globalisation concept proves that capitalism and democracy can work together to eliminate poverty and provide new employment opportunities to more people. Meanwhile, the President of the Federation of Indian Chambers of Commerce and Industry (FICCI), Subhrakant Panda, has stated that no multinational company can achieve significant growth without India’s participation in its development plan.

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