‘India needs more optimism’: Sitharaman says economy remains robust, banks are in good shape

Finance Minister Nirmala Sitharaman said the resilience of India's markets and economy was supported by the efforts of its people, a large domestic market and the growing purchasing power of the middle class. Speaking at HSBC's Algorithm of Inclusion event, Sitharaman said India needed greater optimism and confidence in its economic prospects. She said banks were in good shape and the economy remained robust, urging people to believe in themselves and speak with greater confidence about India.

She also pointed to political stability and the government's consistent approach towards addressing poverty as factors adding to the robustness of the economy. 'India needs a lot more optimism', says Sitharaman Sitharaman said India needed to project greater confidence in its economic strength. Citing the timely availability of fuel, she said supplies were reaching the country on time. She appealed to people to have confidence in India's capabilities, adding that the country needed to speak about itself with greater assurance.

The Finance Minister said the growing middle class and its increasing purchasing power were contributing to the country's economic resilience. Insurance for all by 2047 remains a government priority Sitharaman said providing insurance coverage to all Indians by 2047 remained a key government objective. She said insurance for all was high on the government's agenda, adding that premiums under government-backed insurance schemes were kept minimal to make coverage accessible.

She also stressed the need to ensure that credit was available to all sections of society, underlining financial inclusion as an important priority. Also read: Indian 10-year bond yield may ease to 6.75-7% by March despite possible rate hike: SBI Research AI jobs put spotlight on youth skilling Sitharaman said India needed to equip its young population with the skills required to take up jobs enabled by artificial intelligence (AI). She highlighted the importance of skilling the youth to prepare them for changing employment opportunities as the adoption of AI reshapes the nature of work.

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Source: CNBC TV18