Finance Minister Nirmala Sitharaman has said that structural reforms implemented over the past 11 years under the leadership of Prime Minister Narendra Modi have significantly reshaped India&rsquo;s macroeconomic foundation.
In a media article, Sitharaman highlighted that India's transformation into the world&rsquo;s fastest-growing major economy is rooted in strengthened balance sheets across key sectors &mdash; including banks, corporates, households, the government, and external accounts.
&ldquo;The shift from a twin-deficit economy to one with a five-balance sheet advantage is the direct result of focused policy decisions taken since 2014,&rdquo; she noted in a post on social media platform X.
Reflecting on the economic landscape when the Modi government assumed power, the Finance Minister said reviving growth was the immediate priority, as India was then categorized among the &lsquo;Fragile Five&rsquo; economies.
Key structural reforms introduced over the past decade include the Goods and Services Tax (GST), Insolvency and Bankruptcy Code (IBC), Real Estate (Regulation and Development) Act (RERA), along with pandemic-era initiatives like the Production Linked Incentive (PLI) Scheme and the Emergency Credit Line Guarantee Scheme (ECLGS) to support viable MSMEs.
Sitharaman also highlighted the significant strides in infrastructure development and asset creation, areas which she said were overlooked in previous decades. She credited the digital transformation &mdash; particularly through UPI, which is expected to surpass 185 billion transactions in FY25 &mdash; as a major contributor to economic dynamism.
The rise in entrepreneurship, supported by MUDRA loans totaling over ₹33 lakh crore across more than 53 crore loan accounts, was cited as another indicator of robust growth powered by trust-based governance and reduction of regulatory burden.
Commerce and Industry Minister Piyush Goyal, echoing this sentiment, noted earlier this month that India's foreign direct investment (FDI) now flows in from 112 countries &mdash; up from 89 in 2013&ndash;14 &mdash; underscoring India&rsquo;s growing stature on the global economic stage.
He added that India&rsquo;s FDI journey is not only about numbers but also reflects the success of visionary reforms, clarity in policy, and increasing global confidence in the country&rsquo;s long-term economic trajectory. Except for the headline, this article has not been edited by the Benefit News editorial team and is published directly from the IANS news feed.

FM Sitharaman says structural reforms under PM Modi transformed India’s macroeconomic foundation

11 Years of Reforms Reshape India’s Economy

FM Sitharaman says structural reforms under PM Modi transformed India’s macroeconomic foundation

June 14, 2025 | 16:48 IST