'No reason to think the mood has changed...': Nirmala Sitharaman sees good mandate for BJP

Union Finance Minister Nirmala Sitharaman sees the BJP coming back with a good majority. She also said the government will continue with reforms and not let go of schemes, which empower the poor. 

“There is no reason to think the mood has changed just because the opposition wants it to be changed. I don’t know from where this negative campaign has started that BJP may not get adequate numbers by saying we didn’t perform well in the first two phases,” the FM said in an interview with The Indian Express. 

“The Home Minister has clearly said that the number of seats (for BJP) will be 370-plus and you will get to know that by 12.30 pm on the counting day. The opposition is only trying to mislead people,” she added. 

Sitharaman attributed the decline in gross FDI to rising global uncertainties. She highlighted interest rates, inflation, and the US Fed decision, and even talks of possible stagflation in some countries. “With the speculation (on likely conflict) about Taiwan and the South China Sea, you see the fluctuation in gold prices. The central banks are buying gold. The uncertainties about the currency and the fluctuations in the exchange rate are the thermometer, which shows the temperature. All this definitely will have an impact on the flow of funds. We are looking into this,” she said. 

The FM also shed light on the aggressive investment in the renewable sector like battery storage, charging stations and green ammonia. She also highlighted the need to focus on manufacturing and said “it was ironic” to hear from some domain experts and economists that India should put its manufacturing attempts on the back burner.  

Talking about inflation and its perceived moderation, the FM said that inflation control is not going to happen just through monetary policymaking and one needs to take a broader look at the economy. Today, monetary policies have greater challenges when you look at exchange rate fluctuations. The dollar is posing more questions than answers today as a global currency. The shift that many countries are doing away from the dollar, is also a major issue, she said. 

Sitharaman also highlighted that BJP and PM Narendra Modi see reforms as one of the core agendas. “We have emphasised that our attention will go towards the frontier sectors such as space, renewable energy and rare earths as well as building capacity within industries for a transition towards greater use of AI and making governance more transparent by using technology,” she said. 

The BJP leader also ripped apart Congress’s wealth redistribution promise and termed it “Robin Hood economics”. 

The Congress idea of wealth redistribution is nothing but robbing Peter to pay Paul, something that was not only an outdated approach but also an irresponsible one, Sitharaman said, adding, “these are not the days of Robin Hood.” 

While the BJP, she said, will continue on its path of improving economic growth along with targeted distribution of amenities to needy people, the Congress wanted to take away someone else’s money and give it to many others. 

“Instead of making the poor wealthier, their solution is to make the wealthier poor. It’s just unjust. Wealth creators also provide jobs and opportunities to people and resources to the government. Sensationalising it only because you are desperate to win and come to power shows you care nothing for people,” she said.  

The FM also downplayed the issue of Tesla CEO Elon Musk visiting China just after postponing his visit to India and said “everything takes its own time.”