Shaktikanta Das, Principal Secretary-2 to the Prime Minister, stated that despite global tensions and trade barriers, India is poised to emerge as the world’s fastest-growing economy. Emphasizing the evolving global economic landscape, Das highlighted the shift towards self-reliance and away from traditional multilateralism.
In response to these changes, India has adopted the principle of Atmanirbharta, focusing on self-reliance in both economic and geopolitical aspects. This vision, championed by Prime Minister Modi, aims to enhance core competencies and resilience, rather than isolationism.
Das underscored the importance of ongoing structural reforms in ensuring India’s stability and growth, particularly in areas such as taxation, financial systems, labor regulations, and business facilitation. Projections suggest that by 2025-26, India’s real GDP is expected to grow by 7.4%, contributing significantly to global GDP growth.
Fiscal consolidation efforts have been successful, with the government’s gross fiscal deficit decreasing from 9.2% in 2020-21 to 4.8% in 2024-25. Additionally, prudent monetary policies and supply-side measures have effectively controlled inflation, while the financial sector has shown remarkable recovery and improved governance.
