Follow Us
India’s journey from an economy once weighed down by poverty to a major force in the global economic order reflects more than rapid GDP growth, Economic Affairs Secretary Anuradha Thakur said on Thursday, reflecting on the country’s evolving role in global economic governance.
Addressing the SBI Banking & Economics Conclave in Mumbai, Thakur said India has long contributed to global economic and intellectual thought. The Arthashastra, written around 350-275 BC, contains evidence of forward trading in commodities, while similar concepts appeared in Aristotle’s writings around the same period.
The address also recalled an observation by East India Company official Thomas Munro in the early 19th century that India was “a country of great natural wealth, but sunk in poverty by mismanagement.” Two centuries later, India’s economic trajectory has changed substantially.
She argued that global leadership has historically depended not merely on economic size, but on the ability to build institutions, technology and financial systems. Venice, Amsterdam, Britain and the United States are examples of economies that combined economic strength with institutional innovation and global influence.
She identified three broad ingredients for India’s global leadership: economic strength and institutional capacity; a recognised global role; and strategic resilience and patience.
“Global leadership is not simply a function of economic size,” she said. “It is built when institutions, markets, financial systems, and the nation become sufficiently trusted that others choose to rely upon them.”
She pointed to domestic financial reforms, deeper capital markets and the development of GIFT IFSC as foundations for India’s international financial ambitions
“Global financial centres are not achieved in a single step,” Thakur said, noting that London and New York developed through decades of reforms.
She highlighted India’s growing participation in forums including the G20, BRICS, OECD and FATF, as well as its role in advancing discussions on global financial reforms and cross-border payment systems.
The inclusion of the African Union in the G20 during India’s presidency was described as an important step in strengthening the country’s voice among developing economies.
TOPICSECONOMYThis article was first uploaded on September twenty-five, twenty twenty-six, at eleven minutes past one in the night. © IE Online Media Services (P) Ltd