Union Finance and Corporate Affairs Minister Nirmala Sitharaman asserted on Tuesday that despite rising global trade challenges linked to US tariffs, India’s economy remains a robust growth entity. Speaking during a dialogue at the Indian High Commission in London, focused on “Opportunities and Challenges in India’s Efforts to Become a Developed Economy by 2047,” she highlighted the resilience bolstered by strong domestic demand.
Sitharaman noted that India’s economy will continue to thrive, even in the face of shifting global trade dynamics. Acknowledging a worldwide growth slowdown, she emphasized that while low interest rates have prevailed for years, growth rates are likely to remain subdued.
However, India has sustained its position as the fastest-growing economy for the past five years, and although a slight deceleration in momentum is anticipated, strong domestic consumption will help maintain growth.
During her six-day tour, she met with key business leaders, including Shriti Vadera of Prudential PLC, discussing the expansion of India’s insurance sector, and Dame Patricia Hewitt, addressing several pertinent issues.
