India’s economic resilience is rooted in the aspirations of its people and the strength of its domestic market, Finance Minister Nirmala Sitharaman said on Monday.
Speaking at HSBC India’s ‘Furthering Financial Inclusion’ event in Mumbai, she said the expansion of the middle class had increased purchasing power and supported domestic demand.
During a fireside chat with HSBC India CEO Hitendra Dave, Sitharaman highlighted the government’s focus on financial inclusion, social security, skills development and fiscal prudence.
Government targets insurance for all by 2047
Sitharaman said universal insurance coverage remained a high priority for the government.
She highlighted the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY). Both schemes provide insurance protection at affordable premiums.
She also cited the Atal Pension Yojana, which aims to expand pension coverage among citizens.
The government is working towards its goal of ‘Insurance for All’ by 2047, she said, adding that efforts were underway to deepen insurance penetration across the country.
Ayushman Bharat supports access to healthcare
The finance minister said Ayushman Bharat provides health insurance coverage of up to Rs 5 lakh per family.
The scheme has helped people access medical treatment without having to sell assets or property, according to her.
She also highlighted the expansion of primary healthcare centres as a measure to improve access to healthcare services.
Sitharaman said the World Bank’s estimate that around 50 crore people had moved out of poverty reflected consistent policy efforts and improved access to basic services.
“Access to schools and skill training after schooling has supported poverty reduction,” she said.
AI skills and training to support future employment
Addressing employment opportunities, Sitharaman said the government was focused on equipping young people with skills required for artificial intelligence-related jobs.
She said AI-focused training programmes could help bridge the gap between industry expectations and workforce capabilities.
The emphasis on skills development is part of the government’s broader approach to preparing the workforce for changing employment requirements.
Sitharaman stresses fiscal discipline and capital expenditure
On the macroeconomic front, the finance minister identified capital expenditure as a key pillar of the government’s growth strategy.
She stressed the importance of monitoring the fiscal deficit and maintaining fiscal discipline while supporting economic growth.
“Government spending must remain responsible,” Sitharaman said.
She also said stability in governance provides businesses with clarity and confidence, supporting sustained economic growth.
