Domestic Consumption Fuels India's Economic Growth Amid Global Challenges

Domestic consumption is driving the momentum of India's economic growth, according to Union Finance Minister Nirmala Sitharaman. She stressed the need for predictable policy support to sustain this pace during an event organized by SBI. A bankers' committee is contemplating exclusive versus open distribution tie-ups for third-party products in banks.

Sitharaman emphasized the need for predictable policies to support domestic manufacturing, agriculture, tourism, and IT sectors. She acknowledged the efforts of exporters finding new markets despite US tariffs and reassured that the government is exploring policy support amid the Middle East crisis's dynamic nature.

The finance minister assured that the non-performing assets are at a low point, quelling concerns about asset quality amid the Middle East tensions. Sitharaman advocated for a balance between digital and physical banking in her address at SBI's event, marking the inauguration of a new head office for Maharashtra.

(With inputs from agencies.)