India, despite the West Asia crisis, has maintained its position as the world’s fastest-growing major economy, Finance Minister Nirmala Sitharaman revealed. She emphasized the impact of recent free trade agreements and strong domestic consumption on India’s economic growth. Prime Minister Narendra Modi’s advice to citizens in May included measures to conserve fuel, fertilizer, and foreign exchange reserves.
Sitharaman explained the significance of conserving foreign exchange reserves by reducing car use and promoting carpooling. She highlighted the government’s efforts to maintain fertilizer subsidies without increasing costs for farmers, despite the impact on foreign currency reserves. The Finance Minister also addressed the challenges of importing gold, a precious commodity in Indian households that requires foreign currency payments.
During discussions with France, India explored opportunities for cooperation in critical minerals, economic sovereignty, and security policies. The India-France Economic and Financial Dialogue, co-chaired by Sitharaman and Roland Lescure, aimed to strengthen financial ties and enhance bilateral relations. The dialogue focused on deepening economic collaboration within the framework of the special global strategic partnership.
