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New York/New Delhi, October 22 (HS). Union Finance and Corporate Affairs Minister Nirmala Sitharaman said that there may be challenges in the global economic environment, but India is well positioned to take advantage of new growth opportunities. He said as countries reevaluate their supply chains, India is expected to become a major partner for many countries looking to diversify their sources of goods and services.
In a statement issued on the 'X' post, the Finance Ministry said that Union Finance Minister Nirmala Sitharaman said this in a special lecture on 'India's economic strength and prospects amid a challenging and uncertain global environment' at Columbia University on Monday. In his address, the Finance Minister said that India's banking system remains strong, with low levels of non-performing assets and high capital adequacy ratio.
He said the financial sector has been important in sustaining growth by providing the credit needed to promote investment in key industries. Meanwhile, India's infrastructure development has gained momentum, with large-scale projects like Bharatmala and Sagarmala ensuring connectivity across the country, the Finance Minister said. Sitharaman said investment in digital infrastructure has further strengthened our economy's ability to absorb shocks, adding that digital financial inclusion has provided access to millions of citizens who were previously deprived.
The Finance Minister said that by 2047, when India completes 100 years of its independence, we will have the opportunity to define a new era of prosperity, not only for our citizens but also for the global community. He said that India's role in the world is growing and we are ready to engage constructively with the international community, share innovations and contribute to global peace and prosperity.
Nirmala Sitharaman said the coming decades will be defined by how effectively India manages its demographic dividend, strengthens its global partnerships and navigates the complexities of a rapidly changing world. He said there are challenges ahead and immense opportunities for India, not only economically but also to shape the global discourse on technology, sustainability and inclusive growth.
The Finance Minister said that India's efforts in expanding financial inclusion have created a more vibrant and resilient financial system. He said the number of adults holding bank accounts has more than doubled since 2011, providing a larger pool of savers and investors. Sitharaman said this increase in financial access, combined with a more educated and skilled workforce, positions India to take advantage of emerging trends in the global economy.
He said that despite the increasingly complex global environment, India's macroeconomic infrastructure remains strong, serving as a strong foundation for future growth. In 2013, India was the world's 10th largest economy at market exchange rates. India's good economic growth can be attributed to its smart COVID-19 management. This can also be given to a series of measures taken by the government to strengthen its manufacturing capabilities, focus on digital and financial systems, simplify regulatory processes and increase ease of doing business. Earlier he said that it can become the third largest economy in the world by 2027. India is currently the fifth largest economy in the world with a GDP of US$3,900 billion.
It is noteworthy that Finance Minister Nirmala Sitharaman will go to Washington DC from New York. There he attended the annual meetings of the International Monetary Fund (IMF), the World Bank, the G-20 Finance Ministers and Central Bank Governors (FMCBG) meetings, the G-20 FMCBG, the Joint Meeting of Environment Ministers and Foreign Ministers, and the G-7–Africa Ministerial. Will participate in the round table conference.