Chicago: India is expected to record economic growth of 7 per cent or more in FY27, maintaining its strong post-pandemic momentum despite geopolitical uncertainty and global supply-chain disruptions, Finance Minister Nirmala Sitharaman said.
Addressing the Indian diaspora in Chicago during her US visit, Sitharaman said India has remained resilient by closely tracking global developments while addressing domestic economic requirements.
Hormuz Disruption Managed
The Finance Minister said disruption in the Strait of Hormuz following the US-Iran conflict initially affected India’s supplies of crude oil, petroleum products and fertilisers.
However, India managed to reroute supplies and limit the impact of the disruption.
Sitharaman said the government has also protected farmers from higher international fertiliser prices by maintaining domestic prices through subsidies.
She added that India has adequate fertiliser stocks for the forthcoming season beginning in November.
India Seeks More Global Capital
Sitharaman said the government will continue pursuing systemic reforms while mobilising more capital to support India’s expanding economy.
Private investment has started improving domestically following the government’s sustained push on capital expenditure. However, India will also need substantial overseas investment to meet its growing capital requirements.
Sitharaman said her visits to Canada and the US were partly aimed at engaging global funds and showcasing India’s economic achievements.
The government is also seeking feedback from international investors to provide greater clarity and improve the investment environment.
India is simultaneously holding discussions with several countries on bilateral investment treaties alongside bilateral trade agreements.
The government’s wider strategy is to attract long-term global capital while strengthening trade and investment relationships with major economies.
Commerce and Industry Minister Piyush Goyal also visited Japan last week, where efforts focused on mobilising investments worth $60 billion by 2035.
