Finance Minister Nirmala Sitharaman's Career

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8/1/24, 1219 PM Nirmala Sitharaman Political
Career as Finance Minister
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5 min read ? 5
LIFESTYLE
Is Nirmala Sitharaman a Good Finance Minister? An
In- Depth Analysis of Her Political Career
VoterMood ? August 1, 2024 ? 0
Nirmala Sitharaman Political Career as Finance
Minister, When Nirmala Sitharaman was appointed
Indias finance minister in May 2019, Nirmala
Sitharaman walked into a highly challenging job.
Indias economy was in recession, faced with high
unemployment, and a banking sector in deep
crisis. Through her tenure and policies, she has
been constantly examined. She was one of the
ministers being accounted for. This article
studies her political career and workability as
the Finance Minister.
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8/1/24, 1219 PM Nirmala Sitharaman Political
Career as Finance Minister Nirmala Sitharamans
Political Career A Brief Overview
Nirmala Sitharamans political career got a kick
start when she joined the Bharatiya Janata Party
(BJP). In the meantime, she became a national
secretary expressing the partys stance before
her promotion to be the minister of state for
finance and corporate affairs in 2014. Besides,
she was made a minister of commerce industry.
And a minister of defense indeed the second woman
to occupy the post after Mrs. Indira
Gandhi. Being chosen as Finance Minister in 2019
pointed to a big leap in the graph of her
political career. She had been the first
full-time female Finance Minister of India and
was charged with guiding the country through the
economic crisis.
Economic Challenges and Initial Steps
The newly appointed Finance Minister was faced
with various economic challenges. The economy was
slowing down, the banking sector was in big
trouble, and unemployment levels were at a record
high. Understanding the immediacy, she wasted no
time but introduced a series of stimulus
measures that were mainly aimed at regenerating
the economy and healing the banking sector of
systemic diseases.
Key Policies and Reforms Corporate Tax Cuts
Among Sitharamans early high-profile measures
was restructuring of corporate tax rates in the
month of September 2019. According to
Sitharaman, the tax rate for national companies
was reduced to 22 while for start-up
manufacturing companies it decreased to
15. This tax cut was aimed at pressuring
private investments thus encouraging the growth
of the economy. The foundation of the company is
well- returnable and hence investors are more
likely to be board with it. Nevertheless, the
talk of fiscal deficit caused eyebrows to be
raised in business circles as well.
Banking Sector Reforms
Sitharamans most extensive work was on the
banking sector, which did include beneficial
measures for bringing in liquidity and
the resolution of the non-performing assets. The
merging of ten public sector banks into four
entities was the key step taken to forge stronger
and more effective banks.
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8/1/24, 1219 PM Nirmala Sitharaman Political
Career as Finance Minister She also launched the
Insolvency and Bankruptcy Code (IBC) amendments
for making the solving process faster and the
recovery of bad loans better.
Nirmala Sitharaman political career in Budget 2020
The Union Budget 2020 given by Sitharaman
significantly aimed at infrastructure building.
The government declared an investment of
?102 trillion as National Infrastructure Pipeline
(NIP) which will be done by the development of
projects in the next five years. They wanted to
make money and increase economic growth as well
as the countrys infrastructure.
COVID-19 Response and Economic Stimulus
One of the biggest blows to global economies was
the COVID-19 pandemic, which India was also
impacted by. Some of the major financial aids
offered by Sitharaman were announced under the
Aatmanirbhar Bharat Abhiyan (Self-reliant India)
program and the sum was around ?20 lakh
crore. Priority was given to these measures,
which would support sectors such as MSMEs,
agriculture, and health care, and take care of
the most vulnerable groups in society.
Agricultural Reforms
The three farm laws were brought in as a
government reform in 2020, which was such a
courageous and well-executed decision. The
agricultural sector was fully reformed by
them. Nirmala Sitharaman, as a representative of
the government, advocated for these laws that
facilitated a more open market for the farmers.
Nevertheless, the protests involving the laws and
drew the eventual repelling of the laws in 2021
only further complicated the agricultural
reforms. Bureaucracy and government officials
need to have proper protocol and procedure in
place so they can proudly be known as Indias
most efficient government.
Evaluation of Performance
Nirmala Sitharamans career as a Finance Minister
is molded with her groundbreaking and influential
decisions and changes. Her handling of the
COVID-19 economic crisis, in addition to her
approach to the high fiscal deficit, was
excellent through the use of fiscal stimulus
measures. Corporate tax cuts and banking sector
reforms also play an essential part in boosting
the economy. On the other hand, her tenure also
had its drawbacks. The increasing fiscal deficit
and the effectiveness of the required recovery
measures are among the key issues raised.
Sluggish initial economic recovery following
lockdown and the farm laws controversies were
other significant criticisms. The Final
Words Nirmala Sitharaman, a political figure,
started her career and her time as the Finance
Minister has always been marked with brave and
firm decisions to face economic problems. Her
policies have their pros and cons and yet. Her
strength to come through the crises and drive
huge reforms is the witness of her competence and
resilience. While everypolitical journey has
hitches therein. The extent of her political
endurance in the Indian market will be a gauge
through which her policies long-run influence
will be judged. Also Read How Khoya Machine
Impacted the Traditional Indian Sweets Production
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8/1/24, 1219 PM
Nirmala Sitharaman Political Career as Finance
Minister
India Finance Minister
Indian Politics
Nirmala Sitharaman Journey
Nirmala Sitharaman POLITICAL
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