India's economy resilient and ready to withstand global shocks: Finance Minister Nirmala Sitharaman

“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 said.

Mumbai: Amid global economic turbulence, India is well-poised to absorb shocks and sustain its growth momentum, Union Finance Minister Nirmala Sitharaman said on Thursday.

Speaking at the 91st Foundation Day of Bank of Maharashtra in Pune, Sitharaman noted that post-pandemic India had rebounded strongly, clocking an average annual growth rate of 8% between 2021–22 and 2024–25. “This makes us the fastest-growing major economy in the world,” she said, pointing out that GDP expanded by 7.8% in the April–June quarter.

“India’s resilience is remarkable,” she said. “With strong macroeconomic fundamentals, a young population, and robust domestic demand, the country is well-positioned to withstand global shocks and stay on a high-growth path.”

This resilience, she stressed, was not accidental but the outcome of proactive fiscal and monetary policies, structural reforms, large-scale infrastructure creation, improved governance, and enhanced competitiveness over the last 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,” she said.

The Finance Minister underscored the critical role of public sector banks in this journey. “Financial institutions are not just custodians of savings. They are engines of growth, crucial for infrastructure, industry, and innovation. In times of uncertainty, their role becomes even more significant, helping businesses navigate volatility and seize opportunities.”

Sitharaman also cited UPI as a model of digital success. “The IMF recently praised UPI’s interoperable design. But while digitalisation is transformative, it cannot replace integrity, empathy, and human judgment,” she added.