Finance Minister Nirmala Sitharaman Discusses India’s Economic Growth and Challenges in New York
In a recent discussion in New York, India’s Finance Minister, Nirmala Sitharaman, highlighted the country’s economic reforms and growth. She identified employability as India’s biggest challenge, emphasizing the need for skills beyond university degrees. The government is working to bridge this gap, focusing on emerging technologies like AI.
Sitharaman praised India’s digital transformation, which has formalized the economy and included more people in financial systems. She noted the success of the Unified Payments Interface (UPI) in democratizing payments and reducing cash reliance.
The Finance Minister also discussed India’s commitment to achieving net zero emissions by 2070. Despite challenges like high transitional costs and lack of promised global funds, India is investing in renewable energy and green technologies.
She expressed concerns over geopolitical issues affecting insurance costs, shipping routes, and global supply chains, impacting food, fertilizer, and fuel availability.
Doubts Revealed
Finance Minister -: The Finance Minister is a government official in charge of managing a country’s money matters, like taxes and spending. In India, Nirmala Sitharaman is the current Finance Minister.
Nirmala Sitharaman -: Nirmala Sitharaman is an Indian politician who is the current Finance Minister of India. She is responsible for the country’s financial and economic policies.
New York -: New York is a big city in the United States of America. It is known for its tall buildings, like the Empire State Building, and is a major global financial center.
Employability -: Employability refers to the ability of people to get and keep jobs. It often involves having the right skills and education that employers are looking for.
Emerging technologies -: Emerging technologies are new and advanced technologies that are currently being developed or will be developed in the near future. Examples include artificial intelligence and renewable energy technologies.
Digital transformation -: Digital transformation is the process of using digital technology to change how businesses and services operate. It can make things faster, more efficient, and more accessible.
Unified Payments Interface -: Unified Payments Interface (UPI) is a system in India that allows people to transfer money between bank accounts using their mobile phones. It is very popular because it is easy and quick to use.
Net zero emissions -: Net zero emissions means balancing the amount of greenhouse gases released into the atmosphere with an equivalent amount removed. This helps in reducing global warming and climate change.
Geopolitical challenges -: Geopolitical challenges are problems that arise due to the political and geographical relationships between countries. These can affect things like trade and supply chains.
Supply chains -: Supply chains are the systems and processes involved in producing and delivering goods from the manufacturer to the consumer. They can be affected by various factors, including geopolitical issues.
