Finance Minister Nirmala Sitharaman on Thursday said India is expected to remain one of the world’s fastest-growing major economies, with GDP growth projected at around 7% over the medium term, while cautioning that the responsibility for correcting global economic imbalances should not fall disproportionately on developing nations.
Addressing the Global Convergence for Growth Summit virtually, chaired by French President Emmanuel Macron, Sitharaman joined leaders from G7 nations and major emerging economies to discuss measures to support balanced global growth through a more effective international economic framework.
“The burden of adjustment should not fall disproportionately on countries that are not the drivers of these imbalances. India, like many developing economies, remains largely peripheral to both the origination and propagation of global imbalances; yet, we continue to face their spillover effects,” she said, speaking on behalf of the Global South, according to a post by the finance ministry on X.
The finance minister underscored the need for greater international cooperation at a time of rising geopolitical tensions and economic uncertainty.
“In today’s interconnected world, prosperity and challenges are shared, but the consequences of conflicts and uncertainty fall disproportionately on developing countries and the Global South. The situation demands coordinated global action. We must strengthen multilateral cooperation to build resilient economies, accelerate sustainable development, and ensure inclusive growth that benefits all,” she said.
“Our growth is primarily domestic-demand led, with a largely market-determined exchange rate. India continues to be among the world’s fastest-growing major economies, with GDP growth projected to remain robust at around 7% over the medium term,” she said.
She also called for stronger and more representative multilateral development banks, resilient supply chains for critical minerals, and greater international cooperation to foster inclusive and sustainable global growth.
TOPICSNirmala SitharamanThis article was first uploaded on June twelve, twenty twenty-six, at twenty-six minutes past twelve in the am. © The Indian Express (P) Ltd