Debt reduction top priority: FM

New Delhi: Finance Minister Nirmala Sitharaman on Friday said that her ministry is looking at ways to reduce the overall level of government debt so that future generations do not have to bear the burden.

“We are conscious of the debt of the Government of India today. Compared to many other countries it might not be as high. But even there, we are consciously looking at experiments in different parts of the world,” the finance minister said. Sitharaman further said that due to reduced effectiveness of multilateral institutions like the UN Security Council or the WTO, there is no need to take for granted their directives.

Addressing the inaugural session of the Kautilya Economic Conclave 2023, Sitharaman said, “Globally, we don't need to hesitate any longer to say that multilateral institutions, not just banks, but even UN, the UN Security Council, or any other (organisations like) WHO, WTO are less than effective from where they were made into institutions. The level of effectiveness of their intervention that they were to bring into the global scenario is today at less than an ideal position. Because they have become less effective, what we took for granted is no longer to be taken for granted.”

The Pradhan Mantri Jan-Dhan Yojana (PMJDY), launched in 2014, has emerged as the biggest instrument of bringing financial inclusion in the country.

Delivering the inaugural address at Kautilya Economic Conclave 2023, the minister said benefits under more than 50 government schemes are being directly transferred into the beneficiaries' bank accounts, and PMJDY has played an important role.