'No Accident': FM Sitharaman Hails India's Economic Resilience Amidst Global Uncertainty
FM Sitharaman noted that strong macroeconomic fundamentals and increased reliance on domestic demand, India is well-positioned to withstand global shocks and maintain a high-growth trajectory.
Union Minister for Finance and Corporate Affairs, Nirmala Sitharaman hailed India’s economic performance and emphasized that amidst global uncertainty, the Indian economy's resilience is ''remarkable''.
Addressing the 91st foundation day celebration of Bank of Maharashtra in Pune, FM Sitharaman said, "This resilience is no accident," she said. "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 added that 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.
According to the FM, after Covid-19, India rebounded sharply, recording an average annual growth rate of approximately 8% between 2021–22 and 2024–25, making it the fastest-growing major economy in the world. The momentum continues, with GDP expanding by 7.8% in the April–June quarter.
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FM Sitharaman also emphasized that customer trust is the cornerstone of banking. She stated, "Every customer complaint should be seen as an opportunity to improve, innovate, and reinforce trust. Banks must ensure that the same complaint does not arise again."
Delivering the keynote address as Chief Guest, Sitharaman 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.
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.
She also cited the success of UPI (Unified Payments Interface) 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.
Commending Bank of Maharashtra’s contributions, FM Sitharaman said the bank has played a commendable role in advancing financial inclusion.
