In Parliament, Finance Minister Highlights ED’s Success Against Money Laundering and Economic Growth Trends
Finance Minister Nirmala Sitharaman emphasized the government’s ongoing strict actions against economic crimes in Parliament, showcasing the Enforcement Directorate’s achievements, robust GDP growth, and measures against inflation and unemployment.
Jotirmoy Roy, AB News, New Delhi: In a spirited address during Parliament on Tuesday, Finance Minister Nirmala Sitharaman reiterated the government’s unwavering commitment to combating economic crimes. Highlighting the significant impact of the Money Laundering Act and the Black Money Act enacted in 2015, Sitharaman showcased the Enforcement Directorate’s (ED) successful recovery of assets linked to economic offenders.**
Economic Enforcement: A Strong Response to Criminality
Sitharaman reported that the ED has successfully returned ₹22,280 crore to banks and other victims through auctions and other actions against economic offenders. Citing notable cases, she informed Parliament that assets worth ₹14,131 crore from fugitive businessman Vijay Mallya and ₹1,052 crore from Nirav Modi have been returned to government banks. Additionally, properties amounting to ₹2,565 crore belonging to Mehul Choksi were seized, with plans for their auction underway.
Reflecting on efforts to retrieve black money, she claimed that the government has traced undisclosed income of ₹33,393 crore in 582 cases. Sitharaman pointed out that the actions under the Black Money Act have resulted in a notable increase in taxpayers coming forward to disclose foreign assets, rising from 60,467 in FY 2021-22 to over 200,000 in FY 2024-25.
Encouraging Economic Growth and Stability
During the discussion on supplementary grant demands, Sitharaman addressed concerns over recent fluctuations in economic growth. Although the GDP growth rate dipped to 5.4% in the second quarter—the lowest in seven quarters—she emphasized that this decline is temporary and conditions will improve in the next quarter. The Finance Minister underscored that the average GDP growth rate over the past three years has been an impressive 8.3%, affirming India’s status as one of the fastest-growing economies globally.
In the context of inflation control, she assured that the central government is committed to managing food prices through increased storage capacities and selling essential items at reduced prices. In contrast to the previous Congress-led UPA government’s inflation rate of over 10.2% (2009-2014), Sitharaman highlighted that the current inflation rate has moderated to 4.8% between April and October in FY 2024-25.
Focus on Employment and Women’s Labor Participation
Answering questions on employment, Sitharaman noted the ongoing decrease in the unemployment rate, which dropped from 6% in FY 2017-18 to 3.2% in FY 2023-24. She emphasized the growing participation of women in the labor force, stating that their representation has increased from 24.5% in FY 2018-19 to 41.7% in FY 2023-24, indicating tangible progress in female workforce engagement, particularly in rural areas.
A Path Towards Economic Resilience
Nirmala Sitharaman’s statements underscore a dual focus on addressing economic crimes through stringent enforcement actions, while also promoting economic growth and stability. The consolidation of black money recovery efforts alongside efforts to enhance labor participation reflects a comprehensive approach to recent economic challenges.
As the government continues to navigate these complex issues, the Finance Minister’s assurances reveal a commitment to transparent and effective economic governance for a resilient future. With these robust measures, India appears poised not only to combat economic offenders but also to foster an environment of sustainable growth, equity and social participation.
