Union Finance Minister Nirmala Sitharaman on Monday said the Centre is committed to reducing the fiscal deficit, as evidenced by its annual budgets, stressing that the national debt will be limited to 50 per cent of GDP by 2030, PTI reported from Tiruchirappalli.

Source: PTI via The Hindu BusinessLine

"We are committed to reducing the fiscal deficit, as evidenced by our annual budgets. We have openly stated our goal that by 2030, the national debt will be limited to 50 per cent of the GDP. We are consistently putting in place measures to reduce the Union Government's debt, and international organisations have acknowledged India's disciplined approach to debt management," Sitharaman told reporters.

Addressing concerns about the national debt, she said that since the post-Covid period, every nation has faced debt challenges, and maintained that India's fiscal deficit has been declining year after year.

50%Centre's debt-to-GDP target by 2030
2/3Share of Mudra loans that have gone to women, per the Finance Minister

On the rupee, Sitharaman said the Reserve Bank of India was taking measures to prevent sudden fluctuations in the currency's value, while clarifying that the central bank does not determine what the rupee is worth, Devdiscourse reported. Her remarks come amid pressure on the rupee from elevated crude oil prices and foreign outflows.

Source: Devdiscourse

On inflation, she said external factors — the Covid pandemic, geopolitical conflicts and rising crude oil prices — had added to price pressures, and that the Centre was continuously taking measures to ensure these developments did not adversely affect the public. Earlier, addressing the platinum jubilee celebrations of Seethalakshmi Ramaswami College, her alma mater, she said about two-thirds of Mudra loans have gone to women, helping them establish and expand small businesses.