Nirmala Sitharaman on India's post-2014 economy: „Can be a case study for Harvard…”

The Indian economy, particularly the restructuring of banks since 2014, is a lesson for Harvard Business School, Union Finance Minister Nirmala Sitharaman said in her speech at the Gujarat Chambers of Commerce and Industry (GCCI) in Ahmedabad on April 20. He spoke at 'Vikshit Bharat 2047'.

„India recovered its economy between 2014 and now it's really a lesson for Harvard Business School especially with regard to the weight of banks,” Sitharaman told ANI.

Citing the example of the failure of Silicon Valley Bank in the US, Sitharaman emphasized the Indian government's role in protecting the infrastructure of Indian banks during and after the pandemic.

„Post-pandemic banks like Silicon Valley Bank that were widely trusted by startups collapsed and nobody knew about it,” he said.

The Minister lauded the Indian banking sector for effectively managing mergers and ensuring stability amid challenging circumstances.

The Union Minister highlighted the transformation of India's banking sector and the reforms initiated by the government since 2014.

Sitharaman pointed to the prevailing twin balance sheet problem in 2014, where banks' balance sheets were burdened with NPAs, which then hampered lending to companies struggling to repay loans.

Reflecting on India's journey, Sitharaman acknowledged the difficulties the government faces in reviving the economy, including connectivity issues, liquidity issues in 2019, the impact of Covid-19 and a weak economy.

The finance minister expressed optimism about India's future and said that with continued joint efforts, India can achieve the Vixit Bharat plan by 2047.

„Another good solid 25 years of sabka prayas, we can achieve Vikshit Bharat,” he added.

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The minister also shed light on the backwardness and progress of the Indian economy and expressed the government's commitment to drive growth.

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