New Delhi, 03 September (H.S.): Union Finance and Corporate Affairs Minister Nirmala Sitharaman has said that India recorded a “remarkable growth rate” of 7.8 per cent in the first quarter of financial year 2026-27, from April to June, despite the challenges confronting the global economy. She said India continues to remain the world’s fastest-growing major economy despite persistent global headwinds.
The Ministry of Finance said in a post on X on Thursday that Sitharaman made the remarks while addressing investors at a high-level business roundtable organised by the Consulate General of India in New York in collaboration with Bank of America on Wednesday.
Addressing investors, Sitharaman said, “Despite the difficulties and challenges faced by the world, India continues to remain the fastest-growing major economy in the world. In the first quarter of the current financial year 2026-27, India recorded a remarkable growth rate of 7.8 per cent.”
Sitharaman said that under the guidance of Prime Minister Narendra Modi, India has placed strong emphasis on reforms and has provided greater regulatory certainty through a series of measures, including the Insolvency and Bankruptcy Code. These reforms, she said, have made regulatory compliance easier and reduced paperwork. She noted that this has remained a key focus of the Government of India since it came to power more than a decade ago.
The Finance Minister said the government has focused on several key areas, including continued support to industry through the creation of capital assets and infrastructure development, particularly in the aviation sector; creating a favourable environment for investment; promoting the development of artificial intelligence and data centres; supporting Global Capability Centres; ensuring access to credit for micro, small and medium enterprises; and reducing non-performing assets (NPAs) in the banking sector.
According to Sitharaman, these measures have helped create a more conducive business environment, enabling banks and industries to flourish, expand and emerge stronger.
She said that despite the continuing challenges confronting the global economy since the outbreak of the COVID-19 pandemic, India has remained consistently committed over the past several years to the path of fiscal prudence and fiscal discipline.
Speaking about India’s investment climate, Sitharaman said it has improved considerably, with both the central and state governments showing greater interest and competition in attracting investments and facilitating their flow within their respective jurisdictions. She said such efforts form part of a broader national campaign aimed at achieving the vision of ‘Viksit Bharat 2047’.
India’s Ambassador to the United States, Vinay Mohan Kwatra, in his welcome address, said the first-quarter GDP figures released on August 31 reflected the resilience and strength of the Indian economy. He said both countries could benefit from India’s rapidly expanding economy by further strengthening trade and investment ties between India and the United States.
Earlier, upon her arrival at Penn Station in New York, Sitharaman was received by India’s Ambassador to the United States, V. M. Kwatra, and Acting Consul General Vishal Harsh.
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Hindusthan Samachar / Jun Sarkar
