Finance Minister Nirmala Sitharaman stated on Friday that India faces structural transformation amid global volatility, but the nation's growth remains anchored in domestic strength. She addressed the Kautilya Economic Conclave 2025 in New Delhi, emphasizing that achieving developed nation status by 2047 requires 8 percent GDP growth while maintaining self-reliance without economic isolation. Sitharaman warned against passive observation in an era where tariffs, sanctions, and decoupling strategies reshape supply chains.
The minister described current challenges as permanent shifts rather than temporary disruptions. She noted that multilateral institutions undermine international confidence, prompting G20 discussions on institutional reforms. Sitharaman stressed that India must actively engage with systemic changes as nations choose between new monetary architectures. The finance minister clarified that self-reliance does not mean pursuing a closed economy, but strengthening domestic capacity to absorb global shocks while participating in international trade.
The minister described current challenges as permanent shifts rather than temporary disruptions. She noted that multilateral institutions undermine international confidence, prompting G20 discussions on institutional reforms. Sitharaman stressed that India must actively engage with systemic changes as nations choose between new monetary architectures. The finance minister clarified that self-reliance does not mean pursuing a closed economy, but strengthening domestic capacity to absorb global shocks while participating in international trade.
