Parliament Winter Session: FM Sitharaman says, 'India fastest-growing major economy at 8.2 per cent'

Finance Minister Nirmala Sitharaman speaks during the Parliament Winter Session on Tuesday. (Pic/PTI)

Union Finance Minister Nirmala Sitharaman, while speaking in the Parliament Winter Session, highlighted that the global growth is 3.2 per cent and India is growing at 8.2 per cent. She Sitharaman further indicated that India is becoming the fastest-growing major economy, and every global institution is raising their growth outlook for the country in the current fiscal year (FY26), news agency IANS reported.

Sitharaman also stressed that "no dead economy gets a credit rating upgrade".

She further stated that "India got rating upgrades from three major global agencies."

"IMF's Chief Kristalina Georgieva said recently, 'I'm very big on India because of the boldness of their reforms… India has proven the naysayers wrong'," the Union Finance Minister told the House.

Despite Covid-19, a once-in-a-century pandemic, India has remained the fastest-growing major economy continuously for three to four years.

The Union Finance Minister also said, "Is it not something that the people of India should be recognised for? India had to deal with high twin deficits - both the fiscal deficit, which was 4.9 per cent in FY13, and the current account deficit (CAD), which was 4.8 per cent in FY13. WPI inflation in food articles averaged 12.2 per cent annually in the five years ending 2013-14."

India emerges as major exporter for electronics

Sitharaman further stated that India has emerged as a net exporter in sectors such as electronics, pharmaceuticals, engineering goods and defence.

While putting up the numbers, she also emphasised, "In 2014-15, the production of electronics goods was Rs 1.9 lakh crore. In 2024-25, it is Rs 11.3 lakh crore. In 2014-15, exports of electronics goods were Rs 38,000 crore. In 2024-25, it is Rs 3.27 lakh crore. In 2014-15, there were 2 mobile manufacturing units. In 2024-25, it has increased to 300."

The Finance Minister also added, "Actual household consumption shows that the bottom 40 per cent (B40) of the population is acquiring wealth and assets at a significantly faster rate than the Top 20 per cent (T20)."

Sitharaman, while asserting that growth over the last decade has been broad-based, also added, "Inequality in asset ownership has massively declined, particularly in urban areas where the disparity for key assets like motor vehicles and refrigerators has shrunk dramatically. The rural poor have experienced a significant growth in purchasing power."

(With inputs from IANS)