Sitharaman’s Economic Rescue Act

NO OTHER FINANCE MINISTER has had to face the kind of challenges that have come the way of Nirmala Sitharaman. She inherited a slowing economy with low consumption and demand. GDP growth had plummeted from over 8% in FY16 to 6.5% in FY19. It subsequently touched 3.7% in pre-Covid FY20. Then came the mother of all crises, Covid-19, delivering a body blow to the economy. GDP contracted 6.6% in FY21, the second year of her stint.

- ASHUTOSH KUMAR

1 NIRMALA SITHARAMAN

AGE: 62 Union Finance Minister

That was the period when Sitharaman, along with her team, would burn the midnight oil to track implementation of the ₹20 lakh crore Atma Nirbhar Bharat package. Officials say credit guarantee schemes, specifically for MSMEs, were accorded top priority. Sitharaman reviewed bank-wise disbursements under the scheme every evening. The package played a key role in pulling the Indian economy out of trouble. “Going through the pandemic and immediately after that, India ensured that no one remains hungry even during the severest lockdown,” Sitharaman said on the sidelines of the G20 meeting of finance ministers and central bank governors in July.