Nation’s economic resilience amid global turmoil no accident: Sitharaman

Finance Minister Nirmala Sitharaman on Thursday hailed India's economic resilience amid global uncertainties and asserted that it was a result of proactive fiscal policies and bold structural reforms.

“This resilience is no accident. It is the result of proactive fiscal and monetary policies, bold structural reforms, massive physical and digital infrastructure creation, improved governance, and enhanced competitiveness over the past decade,” she said. “All of this stems from the government of India’s 'Nagrik Devo Bhava' approach, which is guiding the country towards the vision of Viksit Bharat 2047.”

The Finance Minister stated that domestic factors such as increased reliance on domestic demand, are strong enough to withstand global shocks. “Amidst global uncertainty, India’s resilience is remarkable. With strong macroeconomic fundamentals, a young demographic profile, and increased reliance on domestic demand, India is well-positioned to withstand global shocks and maintain a high-growth trajectory,” she said.

Sitharaman was addressing the 91st Foundation Day celebration of Bank of Maharashtra in Pune. She highlighted the vital role of public sector banks in the country’s economic development. “Financial institutions are central to infrastructure development and economic growth. Strong balance sheets are essential to support investments in infrastructure, industry, and innovation,” she stated.

The Finance Minister cited the success of UPI as a global model of interoperability. "A recent IMF note praised UPI’s interoperable design. But while digitalisation is transformative, it is not sufficient on its own. Integrity, empathy, and human judgment remain irreplaceable,” she added.

She stressed that in today’s globally uncertain environment, the role of banks becomes even more significant — not just as custodians of savings, but as engines of growth, enabling businesses and entrepreneurs to navigate volatility, seize opportunities, and drive innovation.