New York, Sept 4:
India’s 7.8 per cent economic growth in the first quarter of 2026-27 is “remarkable” given the global disruptions and uncertainties, Union Finance and Corporate Affairs Minister Nirmala Sitharaman said while highlighting the country’s resilience and investment potential before US investors.
Sitharaman made the remarks during a high-level business roundtable with investors in New York on Wednesday. The meeting was organised by the Consulate General of India in New York in association with Bank of America.
“Despite global disruptions and against all odds, India continues to be the fastest-growing major economy in the world,” Sitharaman said, pointing to the 7.8 per cent growth recorded in the April-June quarter of 2026-27.
The Finance Minister told investors that India’s economic resilience was supported by a strong reform orientation and measures aimed at improving the regulatory and business environment.
She highlighted reforms such as the Insolvency and Bankruptcy Code, saying they had helped provide greater regulatory certainty, simplify compliance and reduce paperwork for businesses.
Sitharaman said ease of compliance had remained a major focus of the government for more than a decade, with reforms intended to make it easier for businesses and investors to operate in India.
The Minister outlined several areas where the government has been concentrating its efforts to strengthen economic growth and attract investment.
These include creation of capital assets, infrastructure development, particularly in the aviation sector, and measures to create a more friendly and conducive investment climate.
She also highlighted the government’s focus on artificial intelligence and data centres, development of global capability centres and improving access to credit for micro, small and medium enterprises.
Another area she pointed to was the reduction of non-performing assets in the banking sector, which she said had contributed to creating a healthier environment for banks and industry.
The government’s measures, according to Sitharaman, have helped establish an enabling ecosystem in which businesses and financial institutions can grow and emerge stronger.
Sitharaman also stressed that India had remained committed to fiscal prudence and discipline despite the challenges confronting the global economy since the Covid-19 pandemic.
She said maintaining fiscal discipline while supporting economic growth had remained an important component of the government’s economic strategy.
The Minister also underlined the changing investment climate across the country, noting that both the Union and state governments were increasingly competing to attract investments and facilitating projects in their respective regions.
According to her, such efforts form part of the broader national objective of building a developed India under the Viksit Bharat 2047 vision.
India’s Ambassador to the US Vinay Kwatra, who delivered the welcome address, said the latest GDP figures demonstrated the resilience of the Indian economy.
He said the rapid growth of the Indian economy offered opportunities for both India and the US to deepen economic engagement, particularly by creating stronger links between trade and investment.
Sitharaman had arrived in New York after participating in the G20 Finance Ministers’ meeting in Asheville, North Carolina.
The investor interaction is part of India’s continuing efforts to project the country as a competitive destination for global capital by highlighting its economic growth, policy reforms, infrastructure expansion and emerging opportunities in sectors including technology, AI, manufacturing and financial services.