India’s government is pursuing measures to improve per capita income and strengthen the country’s public finances, Union Finance Minister Nirmala Sitharaman said during a visit to Tiruchy on Monday.
Speaking to reporters after attending the jubilee celebrations at Seethalakshmi Ramaswamy College for Women, her alma mater, Sitharaman highlighted the government’s efforts to manage national debt, maintain price stability and protect households from economic pressures.
Government Targets Lower Debt-to-GDP Ratio by 2030
Sitharaman said the Centre was working towards reducing India’s debt-to-GDP ratio to 50 per cent by 2030. She noted that the country had faced additional financial challenges in the aftermath of the COVID-19 pandemic.
Global instability and economic uncertainties have added to the pressure on public finances. The government is continuing its efforts to manage debt levels while pursuing economic growth, she said.
Measures Planned to Improve Per Capita Income
The Finance Minister said the government was taking steps to increase per capita income despite challenges arising from the pandemic, international conflicts and fluctuations in global oil prices.
She stressed that the impact of these external pressures should not place an excessive burden on ordinary citizens. Improving income levels while supporting economic stability remains an important policy objective, according to her remarks.
Centre Highlights Inflation Control and Price Stability
Sitharaman also referred to measures taken by the Centre since 2014 to contain inflation and maintain price stability.
She cited restrictions on rice exports as an example of a policy intervention intended to help protect domestic consumers from rising prices. She also highlighted the importance of ensuring appropriate minimum support prices (MSP) for farmers.
Food prices and agricultural incomes remain important considerations in the government’s efforts to balance consumer interests with farmers’ welfare.
RBI Cannot Fix the Rupee’s Exchange Rate
Commenting on fluctuations in the Indian rupee, Sitharaman noted that the Reserve Bank of India (RBI) works to address excessive volatility in the currency market but does not determine a fixed exchange rate for the rupee.
Currency movements are influenced by several domestic and international factors, making exchange-rate management a continuing economic challenge.
Sitharaman Comments on Voter List Revision Debate
The Finance Minister also addressed questions about protests over the Special Intensive Revision (SIR) of electoral rolls. She referred to legal proceedings relating to the issue and said the matter was being dealt with through the relevant process.
She declined to comment on Tamil Nadu’s borrowing policy, stating that it would not be appropriate for her to do so in her capacity as a Union Minister.
The remarks come amid broader discussions about income growth, fiscal discipline, inflation and the challenges facing the Indian economy.
