Centre committed to fiscal consolidation, targets public debt at 50% of GDP by 2030: Sitharaman

Highlighting the government’s aim to cap the national debt at 50% of Gross Domestic Product (GDP) by 2030, Union Finance Minister Nirmala Sitharaman has reiterated the Centre’s commitment to fiscal consolidation, citing annual budgets as evidence of its efforts to rein in the fiscal deficit. Addressing concerns over rising debt, she noted that all countries have faced debt-related challenges since the COVID-19 pandemic. She added “We are consistently putting in place measures to reduce the Union Government’s debt, and international organisations have acknowledged India’s disciplined approach to debt management.”

On inflation management, she noted that a dedicated group of ministers has been working since 2014 to ensure price stability through efficient supply chain management. Citing targeted interventions, such as restrictions on rice exports, she emphasised that the Centre had successfully shielded domestic consumers from price hikes while ensuring that farmers received the Minimum Support Price (MSP). Commenting on democratic dissent, she remarked that approaching courts through legal channels and holding street protests are both established means used by various opposition groups to seek justice.

On per capita income, she said, “We are implementing various measures to increase it. Despite global challenges such as the pandemic, economic recovery efforts, wars, and fluctuations in fuel and crude oil prices, we have worked to ensure these burdens do not fall heavily on the public. We are definitely continuing our efforts in this direction.”