Finance Minister Nirmala Sitharaman retains key roles in Modi's new cabinet, marks second consecutive term as finance minister
Jun 11, 2024
NEW DELHI: In an affirmation of her influential role in India's economic governance, Nirmala Sitharaman has retained her position as the Union Minister of Finance and Corporate Affairs for the second consecutive time.
Her continuation in these roles marks the commencement of Prime Minister Narendra Modi's new administration, reflecting a consistent endorsement of her leadership in managing the country's fiscal and corporate policies.
Sitharaman, a seasoned politician and member of the Bharatiya Janata Party (BJP), has held various critical portfolios over her illustrious career.
Her journey in the Modi government began in 2014 when she was appointed as the Minister of State for Finance and Corporate Affairs, before being elevated to the position of Minister of Commerce and Industry with independent charge.
In 2017, she made history by becoming India's first full-time female Defence Minister.
On Sunday evening, in a solemn ceremony held at the forecourt of Rashtrapati Bhavan, Sitharaman, along with other members of Modi's new Union Council of Ministers, took the oath of office administered by President Droupadi Murmu.
The ceremony saw attendance from dignitaries including Nepal's PM Pushpa Kamal Dahal, Sri Lanka's President Ranil Wickremesinghe, Bhutan's PM Tshering Tobgay, Maldives' President Mohamed Muizzu, Mauritius' PM Pravind Jugnauth, Bangladesh's PM Sheikh Hasina, and Seychelles' Vice President Ahmed Afif.
Sitharaman, who has been a part of both the 2014 and 2019 Modi cabinets, assumed her role as Union Minister of Finance and Corporate Affairs in 2019. She has since distinguished herself as the first woman to hold these positions full-time, a role previously held by Indira Gandhi as an additional portfolio.
Born in 1959 in Madurai, Tamil Nadu, Sitharaman's educational background includes a degree in economics from Seethaiakshmi Ramaswamy College in Tiruchirapalli and a master's degree in economics from Jawaharlal Nehru University, New Delhi.
Her professional journey spans various roles including an economist in the UK and Senior Manager with Price Waterhouse in London.
Upon her return to India, she served as the Deputy Director of the Centre for Public Policy Studies in Hyderabad and later contributed to the National Commission for Women from 2003-2005.
Her tenure as Finance Minister has been marked by several significant milestones, including the presentation of six Union Budgets.
In doing so, she equalled the record set by former Prime Minister Morarji Desai, surpassing the achievements of notable predecessors like Manmohan Singh and Arun Jaitley.
Noteworthy changes under her leadership include the replacement of the traditional budget briefcase with a 'bahi-khata' adorned with the National Emblem, and more recently, a tablet wrapped in the bahi-khata.
Prime Minister Narendra Modi led the NDA to victory in the Lok Sabha polls with 292 Lok Sabha seats.
PM Narendra Modi, who has the distinction of being the longest-serving Chief Minister of Gujarat before becoming Prime Minister, has set ambitious goals for India's development by 2047.
Sitharaman's reappointment as the Finance Minister signifies a steady hand at the helm as India navigates through economic challenges and strives for growth and stability.
Her leadership and experience are seen as crucial in steering the country towards sustained economic progress.
As the new administration begins its tenure, all eyes are on Sitharaman and the policies she will shape to further India's financial and corporate landscape.
