“India’s growth is firmly rooted in domestic factors and the country’s capacity to absorb global shocks is strong,” Finance Minister Nirmala Sitharaman said here on Friday, despite the fact that we are living in an era of unprecedented global volatility when the norms of international engagement are being rewritten.
She emphasized that the impact of global concerns is lessened by India’s strong internal characteristics.
“The global environment is changing, and it seems like a zero-sum game. During his opening remarks at the “Kautilya Economic Conclave 2025” in the nation’s capital, FM Sitharaman declared that the Indian economy is robust and still expanding sustainably.
“Being self-sufficient and achieving Viksit Bharat by 2047 does not imply that we want a closed economy. To meet the target for a developed country, we must achieve 8% GDP growth,” she informed the audience.
The Finance Minister asserts that in the modern world, we cannot afford to stand by and do nothing.
“We have to take an active role. Countries must decide on a new monetary architecture. We must be ready to deal with systemic changes since no country can protect itself from them. Supply networks are changing as a result of tariffs, sanctions, and decoupling tactics. She emphasized that international organizations must take into account the reality of today.
The Finance Minister went on to say that we are facing a fundamental transition rather than a brief disturbance.
“The challenge is too large in scope. The task at hand is structural reform, and we shall be underestimating it,” she stated.
The global order is changing, and the entire globe is trying to escape uncertainty. The post-Cold War environment that promoted globalization appears to be a thing of the past. “We are revising the rules of international engagement,” she said.
FM Sitharaman noted that multilateral institutions are currently eroding trust in the international community, indicating a change in the world order. She brought up the recent G20 talks, in which specialists discussed the necessity of international institution reforms in order to bring stability back.
The finance minister emphasized India’s twin-track strategy, stating that the country wants to simultaneously achieve developed economy status by 2047 and increase self-reliance, making it clear that self-reliance does not mean pursuing a closed economy.
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