India’s Economic Rise Fueled by Visionary Leadership and Stability: FM Nirmala Sitharaman
Finance Minister Nirmala Sitharaman, addressing the Indian diaspora during her official visit to the United States, emphasized India’s emergence as the fastest-growing major economy. She credited this growth to the “visionary leadership” of Prime Minister Narendra Modi and the political stability offered by a continuing government.
Speaking to a gathering of Indian expatriates, Sitharaman stated, “When we say that India is the fastest-growing economy and when the IMF and World Bank recognise that India can be the engine driving global trade, what they are recognising is the immense potential that exists in India.”
She outlined the government’s proactive measures to strengthen economic fundamentals, citing a disciplined approach to fiscal consolidation. “During the Covid-19 pandemic, our fiscal deficit went up. But in 2021, we gave a clear signal on our fiscal strategy. We set year-on-year targets and committed to bringing the fiscal deficit below 4.5 per cent by 2026. And that’s what we have been following each year without fail,” she said.
Reaffirming the government’s long-term developmental vision, Sitharaman noted that the focus remains on achieving Viksit Bharat (Developed India) by 2047—India’s centenary year of independence. The roadmap includes inclusive growth with targeted improvements in sectors affecting women, youth, farmers, and the underprivileged.
She also highlighted India’s strategic emphasis on emerging industries, known as ‘Sunrise Sectors’, and underscored the country’s global leadership in Digital Public Infrastructure, which she said is spurring innovation and inclusive growth.
In praising the contribution of the global Indian community, Sitharaman remarked, “Prime Minister Narendra Modi makes it a part of every overseas visit to connect with the Indian diaspora because he believes it’s important that India connects with each one of you. Wherever you are in the world, you are contributing not just locally, but globally—and are a source of pride for India.”
The Finance Minister arrived in San Francisco on a five-day official visit to the United States, where she was welcomed by Indian Ambassador Vinay Mohan Kwatra. During her stay, she is scheduled to deliver a keynote address at Stanford University, engage with business leaders and CEOs to discuss investments and technology, and participate in community events aimed at enhancing India’s cultural and economic outreach.
Sitharaman will also travel to Washington, D.C., to attend the IMF and World Bank Spring Meetings as well as the G20 Finance Ministers and Central Bank Governors’ Meetings. She is expected to hold several bilateral discussions with counterparts from countries including the United States, the United Kingdom, France, Germany, and Saudi Arabia, along with senior officials from global financial institutions.
Following her engagements in the U.S., the Finance Minister will continue her overseas mission with a visit to Peru from April 26 to 30.
