Madurai, 18 July (H.S.): Union Finance Minister Nirmala Sitharaman on Saturday said that India is the fastest-growing major economy in the world and its contribution to global growth is expected to exceed one-sixth in the coming years. She called upon young people and entrepreneurs to take risks and work towards increasing India’s contribution to nearly one-fourth of global expansion.

Addressing the special plenary session of the Young Indians Financial Independence (YIFI) Summit 2026 in Madurai, Tamil Nadu, Sitharaman said, “India today is the fastest-growing major economy in the world. It is estimated that in the coming years, our contribution to global growth will be around one-sixth.”

The Finance Minister highlighted India’s expanding startup ecosystem, stating that it has become the third-largest in the world. She urged entrepreneurs to embrace risks and make the most of emerging opportunities.

“India has the world’s youngest workforce. More than 2.4 lakh startups recognised by the Department for Promotion of Industry and Internal Trade (DPIIT) have collectively created over 23 lakh direct jobs,” Sitharaman said.

She further stated that India now has more than 2,100 Global Capability Centres (GCCs), which have expanded beyond metropolitan cities and are contributing to economic growth across the country.

Sitharaman said India’s Digital Public Infrastructure has emerged as an international benchmark. She noted that the Unified Payments Interface (UPI) is processing more than 20 billion transactions every month.

The Finance Minister added that new opportunities are being created for ambitious and entrepreneurial Indians, while barriers that once existed between talent and opportunities are gradually diminishing. She emphasised that the country’s young workforce and innovation-driven ecosystem would play a crucial role in shaping India’s future economic growth.

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Hindusthan Samachar / Jun Sarkar