Current Role and Achievements
Nirmala Sitharaman has been serving as India’s Union Minister of Finance and Corporate Affairs since May 2019. She is India’s first full-time woman Finance Minister, holding a critical position in shaping the country’s economic landscape. With her expertise and leadership, she has played a pivotal role in navigating India’s economy through significant challenges, including the COVID-19 pandemic and global financial uncertainties.
Key Achievements as Finance Minister
1. Union Budgets (2019-Present)
Since assuming office, Nirmala Sitharaman has presented multiple Union Budgets, introducing significant reforms in taxation, infrastructure, digital economy, and MSME (Micro, Small, and Medium Enterprises) development. Some notable aspects include:
- Simplification of income tax slabs.
- Boosting capital expenditure to drive economic growth.
- Incentives for startups and job creation.
- Increased healthcare and education sector allocations.
2. Corporate Tax Cut (2019)
One of her landmark decisions was announcing a historic corporate tax cut in September 2019, reducing it to:
- 22% for domestic companies.
- 15% for newly incorporated manufacturing firms.
This reform aimed at making India a globally competitive business hub, attracting foreign direct investments (FDI), and boosting industrial growth.
3. Aatmanirbhar Bharat Abhiyan (2020)
Amid the COVID-19 crisis, Sitharaman led the ₹20 lakh crore Aatmanirbhar Bharat Abhiyan (Self-Reliant India Initiative), which aimed to:
- Support businesses, especially MSMEs, with financial aid and credit schemes.
- Enhance rural employment through MNREGA.
- Provide direct cash transfers and free food grains to the poor.
- Strengthen local manufacturing and supply chains.
4. Digital Payments & Fintech Growth
Under her leadership, India has seen exponential growth in digital payments and fintech adoption, with policies promoting:
- The Unified Payments Interface (UPI), now a global benchmark in digital transactions.
- Digital banking initiatives, including 75 Digital Banking Units in rural areas.
- Policies fostering financial inclusion, especially in semi-urban and rural regions.
5. GST Reforms
Goods and Services Tax (GST) is one of India’s biggest tax reforms, and Sitharaman has worked towards simplifying its structure and addressing business concerns by:
- Resolving GST refund delays for exporters.
- Rationalizing tax rates for various goods and services.
- Enhancing the compliance framework through technology-driven solutions.
6. Infrastructure Boost
She has introduced large-scale investments in infrastructure under the National Infrastructure Pipeline (NIP) and PM Gati Shakti initiative, focusing on:
- ₹111 lakh crore investment in infrastructure projects over the next five years.
- Strengthening transport, energy, water, and social infrastructure.
- Implementation of the National Monetization Pipeline (NMP) to unlock the value of government assets.
Political & Professional Journey
Nirmala Sitharaman has had a remarkable political and professional journey leading up to her role as Finance Minister.
1. Minister of State for Commerce & Industry (2014-2017)
During this period, she focused on:
- Boosting India’s trade relations.
- Promoting Make in India and Start-Up India initiatives.
- Improving ease of doing business in India.
2. India’s First Woman Defence Minister (2017-2019)
As Defence Minister, Sitharaman played a crucial role in strengthening India’s military capabilities and modernizing defense infrastructure. Key highlights include:
- The historic Rafale fighter jet deal.
- Strengthening border security.
- Enhancing India’s defense manufacturing under the Make in India program.
3. Union Finance Minister (2019-Present)
In May 2019, she was appointed India’s first full-time woman Finance Minister, marking a historic moment in Indian politics. Since then, she has been at the forefront of economic policymaking, leading India through global economic challenges, post-pandemic recovery, and financial sector reforms.
Impact and Legacy
Nirmala Sitharaman is widely recognized for her decisive leadership and policy-driven approach to economic governance. Her tenure as Finance Minister has been marked by:
- Proactive reforms to support businesses and entrepreneurs.
- Strong fiscal policies for economic stability.
- Emphasis on digital transformation and financial inclusion.
Her contributions continue to shape India’s self-reliant economy, making her one of the most influential policymakers in contemporary Indian history. With ongoing efforts in economic reforms, infrastructure development, and financial sector growth, Sitharaman remains a key architect of India’s economic progress.
Conclusion
Nirmala Sitharaman’s tenure as Union Finance Minister has been instrumental in steering India’s economic policies towards growth, resilience, and self-reliance. Her leadership in budgetary reforms, digital economy expansion, and pandemic relief measures has strengthened India’s position as a global economic powerhouse. As she continues to lead the Finance Ministry, her strategic policies are expected to shape India’s financial and economic landscape in the years to come.
References
- Ministry of Finance (India) Website – https://finmin.nic.in
- Press Information Bureau (PIB) Reports – https://pib.gov.in
- Reserve Bank of India (RBI) Announcements – https://rbi.org.in