Structural reforms implemented over the last 11 years under Prime Minister Narendra Modi’s leadership have reshaped India’s macroeconomic fundamentals, Finance Minister Nirmala Sitharaman said on Saturday.
India’s emergence as the fastest-growing major economy is anchored in several favourable factors and is closely linked to the strengthening of balance sheets across key sectors — banks, corporates, households, the government, and the external sector — the Finance Minister wrote in a media article.
“The transformation of the Indian economy over the last 11 years — from a twin-deficit problem to a five-balance-sheet advantage — is the result of concerted policy efforts under PM Modi’s leadership,” Sitharaman posted on social media platform X.
She further stated, “When we came to power in 2014, the foremost priority was growth revival, as India was then considered part of the ‘Fragile Five’ economies.”
“Structural reforms were introduced, including the GST, IBC, RERA, and during the pandemic years, the PLI Scheme and ECLGS to help credit-worthy MSMEs survive the Covid shock. Likewise, infrastructure and asset creation — neglected for decades — were revived,” the Finance Minister emphasised.
From the digital payment revolution driven by UPI (which recorded over 185 billion transactions in FY25) to the entrepreneurial enthusiasm seen in the uptake of MUDRA loans (cumulative disbursements of over Rs 33 lakh crore to 53 crore+ loan accounts), “the last 11 years have shown the heights our economy can reach when we combine trust-based governance with systematic regulatory easing and the expansion of public goods,” she stressed.
Commerce and Industry Minister Piyush Goyal stated earlier this month that India’s FDI inflows now originate from 112 countries, compared to 89 in 2013–14 — underscoring the country’s rising global appeal.
India’s FDI success story is not only about impressive numbers but also reflects visionary reforms, policy clarity, and the global community’s trust in the country’s economic future, he noted.
IANS