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Union Finance Minister Nirmala Sitharaman meets the Chair of Prudential PLC, Shriti Vadera, in London on Tuesday.
| Photo Credit:
ANI
Finance Minister Nirmala Sitharaman on Wednesday reaffirmed India’s growth trajectory as strong. She also said that the resilience of the economy and strength of domestic demand will continue to make India an engine of growth amid the rapidly evolving global trade landscape as a result of US tariffs.
“Our growth trajectory remains strong, underpinned by sound macroeconomic fundamentals and structural reforms implemented over the past decade,” Sitharaman said while delivering the inaugural address during a talk on the ‘Opportunities and challenges for India’s quest to become a developed economy by 2047’, at India House, London
Talking about tariff action by Trump administration, she said that the US is the leading trade partner for India. So, “at a time when trade is going to be influenced by tariffs, measures which the US government is taking, we still will have to make sure that the strength that India has in domestic demand as a big magnet which can attract global supplies must be sustained and boosted,” she noted.
According to her, as India embarks on transformative reforms to achieve Viksit Bharat, strengthening governance structures and State capacity is non-negotiable. One of the most notable advancements has been the digitisation of public services, with initiatives like Direct Benefit Transfer streamlining subsidies, reducing leakages, and ensuring targeted welfare delivery.
The e-delivery of government services has also expanded across sectors, particularly finance, local government utilities and social welfare schemes. Going forward, partnerships with civil society, industry, and academia are crucial to ensuring policies remain citizen-centric and innovative, she said.
“As we march toward Viksit Bharat@2047, our approach must be inclusive, sustainable, and innovation-driven, transforming challenges into opportunities for growth. Our government remains committed to continued reforms, maintaining macroeconomic stability, and ensuring that growth benefits every section of society,” she said.
Highlighting government’s focus on the infrastructure development, she said that Centre’s capital expenditure has been raised by 4.3 times from 2017-18 to 2025-26 Budget. This significant increase has led to a qualitative transformation in India’s physical infrastructure. The PM GatiShakti National Master Plan is strengthening multimodal connectivity, streamlining trade, and reducing logistics costs.
As a result, India’s ranking in the World Bank’s Logistics Performance Index has risen from 54 in 2014 to 38 in 2023. Also, the development of public digital infrastructure has been transformative. Over the last decade, initiatives such as UPI, Aadhaar, and the JAM Trinity have revolutionised financial inclusion, formalised the economy, and enhanced efficiency across sectors. “The government is addressing concerns posed by challenges of digital revolution through initiatives like Digital Saksharta Abhiyan (DISHA) for digital literacy, Data Protection Laws for privacy and security, and BharatNet for rural connectivity,” she said.
Crediting prudent macroeconomic policies, reforms, and the resilience of people, the Minister said that India is now 5th largest economy as against 10th one 5 years ago. “As we aspire to become a Viksit Bharat by 2047—a developed nation by the centenary of our independence—the path ahead demands innovation, sustained investments, continued reforms and a firm commitment to inclusive growth,” she said.
Published on April 8, 2025
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