India’s economy resilient, ready to withstand global shocks: Sitharaman

Union Finance Minister Nirmala Sitharaman on Thursday reaffirmed India’s economic strength, asserting that the country is well-positioned to withstand global shocks and maintain its growth momentum despite prevailing international uncertainties.Speaking at the 91st Foundation Day celebrations of Bank of Maharashtra, Sitharaman highlighted India’s robust recovery from the pandemic, noting that the economy has grown at an average annual rate of 8% between 2021–22 and 2024–25. “This makes us the fastest-growing major economy in the world,” she said, highlighting the 7.8% GDP growth recorded in the April–June quarter of this fiscal.
“India’s resilience is remarkable,” the minister remarked. “With strong macroeconomic fundamentals, a young population, and robust domestic demand, the country is well-positioned to stay on a high-growth path.”She attributed this resilience to a mix of proactive fiscal and monetary policies, structural reforms, large-scale infrastructure creation, improved governance, and enhanced competitiveness built over the past decade. “All of this flows from the Government of India’s Nagrik Devo Bhava approach, which is guiding us towards the vision of Viksit Bharat 2047,” Sitharaman added.
Underscoring the role of financial institutions, Sitharaman said public sector banks are not just custodians of savings but engines of growth, crucial for supporting infrastructure, industry, and innovation. “In times of uncertainty, their role becomes even more significant, helping businesses navigate volatility and seize opportunities,” she noted.She also cited the Unified Payments Interface (UPI) as an example of India’s digital success story. “The IMF recently praised UPI’s interoperable design. But while digitalisation is transformative, it cannot replace integrity, empathy, and human judgment,” she said.

(Business Correspondent)