India's Economic Resilience: A Growth Story Defying Global Challenges

Union Minister for Finance and Corporate Affairs, Nirmala Sitharaman, has underscored India's exceptional ability to endure global economic shifts, crediting strong macroeconomic fundamentals, a youthful demographic, and a robust reliance on domestic demand. Speaking at Bank of Maharashtra's 91st Foundation Day in Pune, she emphasized the pivotal role of banks in maintaining India's growth trajectory amidst uncertainty.

The Finance Minister articulated that banks should be viewed not only as custodians of savings but also as engines driving business growth and innovation. She stressed that customer complaints offer banks the chance to improve and innovate, reinforcing trust, while public sector banks play a central role in the nation's economic development through their robust balance sheets.

Sitharaman noted that post-pandemic, India recorded an average annual growth rate of about 8 percent from 2021 to 2025. This growth is attributed to proactive policies, reforms, and infrastructural advancements under the 'Nagrik Devo Bhava' ethos. She highlighted the Unified Payments Interface (UPI) as a model of global interoperability, while emphasizing that digital advances must be underpinned by human judgment and empathy.

(With inputs from agencies.)