Union Finance Minister Nirmala Sitharaman has said that India’s banking system has remained robust, with low levels of non-performing assets and high capital adequacy ratios. She added that the financial sector has been crucial in sustaining growth by providing the necessary credit to fuel investment in key industries.
The Finance Minister said this while addressing a session at Columbia University in New York, USA. The session’s theme was ‘India’s Economic Resilience and prospects amidst a challenging and uncertain global environment’.
Ms. Sithraman highlighted that investments in digital infrastructure have further strengthened the Indian economy’s ability to withstand shocks, with digital financial inclusion providing access to millions of citizens who were previously undeserved.
She added that India’s infrastructure development has surged forward, with large-scale projects such as Bharatmala and Sagarmala ensuring connectivity across the country.
The Finance Minister underlined that despite the increasingly complex global environment, India’s macroeconomic fundamentals remain sound, acting as a strong foundation upon which to build future growth.
She added, presently, India is the fifth-largest economy in the world at market exchange rates, which was 10th largest economy in 2013. The Finance Minister said that India’s contribution to global growth is projected to see an increase of 200 basis points in the next five years.
