In a recent interaction with college students from across India, Finance Minister Nirmala Sitharaman underscored that sustaining an economic growth rate of 7-8 per cent remains the government's foremost priority. This focus, she explained, is essential as robust growth directly benefits all citizens by generating more employment opportunities and enhancing overall productivity.
Growth as a Catalyst for National Prosperity
Sitharaman, speaking after the presentation of the Union Budget for 2026-27, articulated that a strong economic performance ensures the equitable distribution of its fruits among the populace. She stated, "And that is why growth is the primary priority. Sustain it at that level, the world's fastest-growing economy, we need to be at that level of 7 per cent, 8 per cent growth. So everything that I do will have to be for sustaining that growth." This commitment, she noted, is pivotal for India to maintain its status as a global economic leader.
Job Creation and Workforce Inclusion
The Finance Minister elaborated on how sustained economic growth fuels job creation, bringing more individuals into the workforce and boosting productivity. She highlighted a positive trend in gender diversity, pointing out that employers are increasingly valuing women for their efficiency and precision, leading to a rise in women occupying semi-skilled roles.
However, Sitharaman expressed concern over the limited representation of women in boardrooms and leadership positions. She emphasized the need for more women to ascend to decision-making roles, serving as influential role models and driving inclusive policies. "While progress has been made, more needs to be done," she remarked, advocating for continued efforts to bridge this gap.
Support for the Orange Economy
In her address, Sitharaman also informed the students about the government's consistent support for the Orange Economy, which encompasses the Animation, Visual Effects, Gaming, and Comics (AVGC) sector. Since the last budget, policies, funding, and initiatives have been tailored to foster this creative industry.
She described it as a bright sector with many avenues, noting that even television media relies on such creative inputs. "Creativity is challenged every day, and if you have the aptitude, this is definitely an area worth pursuing," she encouraged, highlighting its potential for innovation and career growth.
Insights into Budget Preparation
Providing a behind-the-scenes look, Sitharaman detailed the meticulous process involved in budget preparations. The journey typically begins in late October or November with extensive consultations involving various stakeholders:
- Industry groups and businesses
- Economists and trade unions
- Interest groups and public inputs via social media
These suggestions are shortlisted, discussed with concerned ministries and states, and refined for feasibility and implementation. After multiple rounds of reviews and drafting, the budget speech is finalized, ensuring a comprehensive and inclusive fiscal plan.
This interaction not only reinforced the government's dedication to economic stability but also showcased its efforts to engage with the youth and address sector-specific challenges, paving the way for a more prosperous and equitable India.
