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India remained resilient despite global turmoil: Finance Minister

31 Aug 2026 Evaluate

Finance Minister Nirmala Sitharaman said India has remained resilient amid global uncertainties by continuously monitoring developments abroad while keeping the country’s own requirements in focus. Addressing the Indian diaspora in Chicago, she saidn“As a result, Indian farmers, Indian households and Indian logistics did not suffer.” She said several countries had seen their economic calculations go haywire amid the uncertainties, but India, despite its limitations, had managed to protect its citizens in the challenging environment. She emphasised that India has sustained growth of more than 7 per cent since the COVID-19 pandemic and said the country’s growth would remain in that range this year as well. She said this growth had come against the backdrop of the COVID-19 pandemic, the Russia-Ukraine war, tariff uncertainties and the Iran-US conflict. 

She also said India’s ability to track global developments while simultaneously understanding domestic requirements had helped the country navigate the uncertain environment with resilience. On fiscal prudence, she said, “We have set ourselves a certain target, which is to bring the borrowing down to the 50 per cent level of GDP by 2030. Therefore, I will be working on that path.” Observing that there are advanced economies whose debt is well over 200 per cent of their GDP even now, she said, “We have given ourselves a fiscal discipline path on the fiscal deficit as well. We have fulfilled the trajectory. The last mile that had to be reached by 2025-26, we have reached.” 

On India’s credit rating, she said it was improving, and that the improvement was not being achieved by cutting corners or stopping resources meant for social welfare, but through proper management of the economy. Referring to the goal of Viksit Bharat by 2047, she said it was hardly 20 years away. She said the speed and scale at which reforms were taking place required much more support, adding, “Lots more support from people who are talented and have exposure. Lots more support from people who can give ideas for us to carry it forward.” “And, above all, support in terms of capital, which is so required for a country to meet all its aspirations.” On the trade deal with the US, she said final negotiations were under way.

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