31 August,2026 09:27 AM IST | Chicago | mid-day online correspondent
Union Finance Minister Nirmala Sitharaman. File Picture.
Noting that Indian economy has remained resilient amid global uncertainties, Union Finance Minister Nirmala Sitharaman on Sunday said the country is likely to sustain an economic growth of 7 per cent in the current fiscal year.
She said India has sustained a growth of over 7 per cent since the COVID-19 pandemic, and this year too, the country's growth will be in that range, according to news agency PTI. She added that the growth has come against the backdrop of the COVID-19 pandemic, the Russia-Ukraine war, tariff uncertainties, and the Iran-US conflict.
Sitharaman highlighted that India monitored global developments while simultaneously priortising domestic requirements had helped it to navigate the uncertain environment with resilience.
"Continuously keeping in touch with global uncertainties as much as understanding India's own requirements have kept us floating. Whereas many countries are completely disturbed, their calculations have gone haywire," she said while addressing the Indian diaspora in Chicago.
"Thankfully, despite our limitations, we have kept our citizens protected in this challenging environment," she said adding, "As a result, Indian farmers, Indian households and Indian logistics did not suffer."
The minister noted that the disruption in the key waterway Strait of Hormuz due to the West Asia conflict initially affected supplies of key commodities such as crude, petroleum products and fertilisers to India, according to news agency IANS. However, India redirected these supplies, limiting the impact of disruptions.
On the 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."
Pointing out that some of the developed economies still have debt over 200 per cent of their GDP, 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."
She emphasised that the government has also kept fertiliser prices unchanged for farmers through subsidies despite a sharp rise in international prices.
"The forthcoming season will also require fertilisers from November. We are adequately stocked," she added.
On India's Viksit Bharat vision of 2047, Sitharaman said the speed and scale with which the reforms are happening require a lot more support, from people and also in the form of capital is required for the country to achieve this goal.
"Because of the ambitions that we have, we need capital. Therefore, on my trip to Canada and the US, and other ministers as well as the Prime Minister himself, all of us are talking to global funds," she said.
"Showcasing what India has already achieved and hearing their expectations so that we can go back and provide clarity is part of the effort," Sitharaman added.
"We are also talking with several countries for the bilateral investment treaty along with a bilateral trade agreement," the minister stated, adding that the final negotiations are progressing on the US trade deal.
(With inputs from PTI and IANS)
