India well positioned to capitalise on growth opportunities: Union Minister of Finance, Ms. Nirmala Sitharaman

India is well positioned to leverage new growth opportunities in a challenging global economic environment, according to Union Minister of Finance, Ms. Nirmala Sitharaman. Speaking at Columbia University, she highlighted that as nations reassess their supply chains, India aims to become a key partner for countries diversifying their sources of goods and services. She emphasised India's focus on enhancing domestic capacities and building resilience against external shocks, noting that shifting towards a more fragmented global economy could benefit India. Despite facing numerous global challenges—including geopolitical conflicts and economic uncertainties—India's macroeconomic fundamentals remain robust, with the International Monetary Fund projecting it to become the third-largest economy by 2027.

She also discussed India's significant trade policy reforms to foster a competitive and export-oriented economy, including free trade agreements with the United Arab Emirates and Australia. She underscored the importance of India's expanding role in the global innovation landscape and the soundness of its financial sector, which is marked by low levels of non-performing assets (NPAs). As India approaches its centenary of independence in 2047, she expressed confidence in the country's ability to define a new era of prosperity for its citizens and the global community. She concluded that while challenges remain, India has abundant opportunities to lead in technology, sustainability, and inclusive growth.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.