New York [US], October 22 : The future of global economic growth will be shaped by strategic partnerships rather than traditional multilateral trade, and India is well poised to take advantage of the global transition, said Union Finance Minister Nirmala Sitharaman at Columbia University during her US visit.
"Where the past decades saw global growth led by broad multilateral trade, the coming years, I think, will likely be defined by strategic economic partnerships and India is very well poised to take advantage of this transition," the Finance Minister said.
She further added that India's strategic decisions will be watched by the world as the nation seeks to strengthen ties with countries that share strategic coherence and play central roles in global supply chains.
Emphasising the priorities of the government, she said that the country is looking towards boosting domestic capacities, becoming more self-reliant, in critical sectors and building resilience against external shocks.
During her address, she emphasised that India's macroeconomic fundamentals are strong which are positioning the country to thrive amid a shifting global economic landscape.
Sitharaman highlighted India's remarkable economic rise, noting that it has become the world's fifth-largest economy and is on track to become the third-largest by 2027, according to the International Monetary Fund (IMF).
During her address, Sitharaman outlined the country's strategic approach, focusing on strengthening ties with nations that share strategic coherence while bolstering domestic capacities. India's growth trajectory is supported by a range of government initiatives, including enhanced manufacturing capabilities, digital and financial reforms, regulatory simplifications, and a focus on ease of doing business, she further added.
Sitharaman credited India's astute COVID-19 management for its strong post-pandemic recovery, further propelling its economic growth. "Despite the increasingly complex global environment, India's macroeconomic fundamentals remain sound, acting as a strong foundation upon which to build future growth," she added.
India's contribution to global growth is projected to increase by 200 basis points over the next five years, solidifying its role as a key player in the evolving global economic order. As global supply chains realign and strategic partnerships take center stage, India is poised to take full advantage of this transition, she said.
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor