Union Finance Minister Nirmala Sitharaman on Sunday said India is likely to sustain economic growth of 7 per cent or more in 2026-27 (FY27). She said the country is continuing the pace recorded in the years since the Covid-19 pandemic.
While addressing the Indian diaspora in Chicago, United States said, “Since then (Covid), we have been sustaining growth at 7 per cent or more. This year too our growth will be in that range.”
India was likely to maintain its growth momentum despite geopolitical uncertainties and supply-chain disruptions following the US-Iran conflict and the closure of the Strait of Hormuz, Sitharaman added.
“Continuously keeping in touch with global uncertainties as much as understanding India’s own requirements have kept us floating. Whereas many countries are completely disturbed, their calculations have gone haywire,” she said.
To bring borrowing down to 50% level of GDP:
“We have set ourselves a certain target, which is to bring the borrowing down to the 50% level of GDP by 2030. Therefore, I will be working on that path. There are advanced economies whose debt is well over 200% of their GDP even now,” she said.
“We have given ourselves a fiscal discipline path on the fiscal deficit as well. We have fulfilled the trajectory. The last mile that had to be reached by 2025-26, we have reached, the Finance Minister said.
She said 2047 is the target year set for achieving Viksit Bharat.
It’s hardly 20 years from now. So, the speed and scale with which the reforms are happening require a lot more support.
“Lots more support from people who are talented and have exposure. Lots more support from people who can give ideas for us to carry it forward. And, above all, support in terms of capital, which is so required for a country to meet all its aspirations,” the Finance Minister added.
