Modern Day 'Shalyas' Hurting Bharat's Confidence: Sitharaman at India Economic Summit | Highlights

New Delhi: At India Economic Summit (IES) 2024, Union Finance Minister Nirmala Sitharaman dressed concerns about impact of negative narratives brewing within India. Speaking to Republic Media Network's Editor-in-Chief Arnab Goswami , Sitharaman highlighted role of domestic pessimism in undercutting India's progress and spirit, referring to those fostering such negative sentiments as 'Modern-day Shalyas'. 

Sitharaman expressed frustration with voices within India that she said were “bringing down India” through undue criticism. "While whole world observes India," she remarked, "within India, re are many Shalyas that bring your confidence down." Sitharaman's reference to Shalya—a figure from Indian mythology Mahabharata known for sowing doubt—highlighted her concern about negativity undermining India’s optimism and potential on world stage.

In a firm appeal to citizens, Sitharaman emphasized that India's strengths and achievements are recognized not only domestically but globally. "I would appeal to everybody that se are not observations about India's strength, achievement, and furr possibility of higher achievement which are me by us, but observed by everybody," she stated.

Calling for unity and trust in India's direction, Finance Minister furr urged, "We need to have confidence in ourselves. re is good leership, re is a great understanding of how to take India forward. re will be challenges; re are questions of less burden on some, and more burden on ors. We will dress all of m. Be confident that we are on right path and that we will achieve our destinations."

‘India at Very Top at Every Reset’

When asked how global economy might evolve in a post-Ukraine world, should trajectory of war come to an end, and what justments may be needed in economic and fiscal policies, Union Finance Minister Nirmala Sitharaman highlighted government's commitment to prioritizing national interests while navigating a changing global landscape.

“It’s not just Ukraine war; numerous ongoing developments require us to stay dynamic in our decision-making, with continuous resets along way,” Sitharaman stated. She explained that resetting policies is a grual, ongoing process, driven by both global and domestic factors. “As always, we keep India at very top at every reset,” she ded. 

‘Want more FDI, but need to be sure who exactly is bringing FDI in’

Sitharaman at India Economic Summit also dressed critical issue of foreign direct investment (FDI) in India, particularly in context of Chinese investments, highlighting need for a balance between economic opportunities and national security.

Speaking candidly, Sitharaman stated, "We want more FDI, but we need to be sure who exactly is bringing FDI in." She asserted that while India welcomes investments, it is crucial to ensure transparency in sources of funding. 

"Our national interest is paramount," she stressed, underscoring that any investment that aligns with India's security and sovereignty will be welcomed, but efforts must be me to thoroughly vet and assess origins of investment.

Finance Minister reiterated, "We won’t trouble any sincere investment," affirming that India remains open to foreign capital, but layers of FDI funding must be fully transparent. "We want screen behind investment to be opened up," she called for, emphasizing that total transparency is essential in safeguarding both economic interests and national security. 

When Arnab asked, will world respond differently to India as it continues to grow, Sitharaman said, "I'm not sure we'll ever in India change from being non-aligned. expression may change. You're not going to be able to explicitly be with one group of nations as opposed to anor group of nations. You are going to constantly keep friends everywhere. You need to keep friends everywhere, and why, pray, should you do that? Wher it is a unipolar world, bipolar world, or multipolar world as we face now, India's given position and India's inherent belief and geopolitical location necessitates us to be consistent in one thing, that you recognize you have friends everywhere. Circumstances may change, but your friendship and alignment with each one of m should continue. You cannot, at cost of becoming indifferent or even alienating some group, become closer to something else or some group's selves. 

She ded, "So, I think that is a position which has served India well and it will also in future serve us well. Your bilateral is equally important as much as your multilateral. So, that position, I think, has served us well, and it will continue to serve us well”.

On Trump's Tariff Policy

When asked about Trump's tariff policy, Sitharaman responded, "Regarding tariffs and accusations that we are abusers of m, we can explain every tariff we’ve imposed. se tariffs are not aimed at controlling imports. However, do I have a responsibility to protect companies in India, especially those with existing capacities to produce certain goods? If we continue importing those goods, or even import m in parts and reassemble m, do we have moral authority to undermine businesses that are growing in India and capable of producing se goods? I need to offer protection to se industries as well. At same time, I must support industries that require imports. Imports, particularly intermediary goods, are essential and I will encourage that. I am willing to lift tariffs on m, as long as it doesn't, eir intentionally or unintentionally, harm India’s capacity to produce. It’s a delicate balance I must maintain."

On PM's Approach During Cabinet Meetings

When asked about Prime Minister's approach during cabinet meetings, Sitharaman said, “ Prime Minister's one quality which is amazing is he hears you without any disturbance. re's no phone call, re's no, all right, I've heard this a thousand times, stop it. None of that. He hears you out. He hears you out. And re are times when you go back thinking, oh my God, I shouldn't have said this. Because he has not responded to you, but you know, he alrey knows it or he thinks that, oh, what a foolish argument, but no, he's never said any of that. He hears you out in full.”

She ded that no decision is taken in one round and with just a few people. "So, rounds and rounds of discussion and in all that, he sits through patiently. Second, after all discussion is carried forward, again, one set of consultation, not at his level, at level of PMO officials who have domain knowledge. And finally, when it is all drafted into some kind of a written form, language is gone through so that re is no loose wording, which will be subject to any kind of (25:48) misinterpretation. And after that is when it actually comes to cabinet", Finance Minister told Arnab.

Moreover, she informed, "And before cabinet, Prime Minister has gone through document and comes fully seized of what is in it. But even n he doesn't stop ministers from discussing, hey, no, but you said this,  what's about it? Cross consultation, discussion, questioning one anor happens.  And only n a final call is taken. But at every stage, and I'm saying this because I truly think so, believe so. And at every stage, he's done his homework. re are times when you probably are going with less homework done, but he's done his homework. This is a very difficult situation for those presenting to him."   

On Rahul Gandhi ridiculing Halwa Ceremony and trying to pull her down

“Or than attempting to pull me down, Rahul Gandhi is doing a disservice for cause he pretends to take up. Talking about halwa ceremony where Rahul Gandhi asked how many STs, SCs and OBCs were included... if you really intend to serve cause of SC and ors, it is not a halwa ceremony you will question that. You will do so much more to help cause. Somewhere I feel people around him, helping him are not putting gravity of issues before he takes m up”, said Sitharaman. 

Upping ante against Rahul, Sitharaman said, "Look at way in Karnataka Congress party has helped directly or indirectly people to claim farmers' lands in name of Waqf Board. Where is Congress party and where is Bhatta-Parsaul, where is Rahul Gandhi when it comes to Karnataka's farmers? gravity of cause that he takes is momentary."

‘India’s Opposition Needs Leers'

"My worry is that India's Opposition, I'm sorry to say this...I don't want to pull down anybody but India's Opposition needs leers who can stand up in Parliament and question government.  I want an  Opposition leer who sits to ask question. moment he gets up, all of us say, Oh my God, let's see what he is going to ask now."

India Economic Summit 2024

Republic Media Network’s India Economic Summit , now in its fourth distinguished edition, is underway at Network’s grand HQs, proudly hailed as largest news centre in Asia. This event, held under visionary me "Viksit Bharat: Bullseye," serves as a beacon of economic ambition, illuminating India's aspirational path to a $50 trillion economy by 2047.

Bringing toger a distinguished assembly of policymakers, business magnates, and industry experts, summit is a platform for forward-thinking dialogue on India’s future as a global economic powerhouse. Discussions will delve into transformative ideas around policy innovation, infrastructure development, and inclusive growth to shape a vibrant, self-reliant India.