Noida, Aug 31 (APAC Media): India is likely to sustain an economic growth rate of 7 per cent or more in the financial year 2026-27 despite global uncertainties and supply disruptions, Union Finance Minister Nirmala Sitharaman has said.
Addressing the Indian diaspora in Chicago during her visit to the United States, Sitharaman said the Indian economy had shown resilience in dealing with external shocks and disruptions.
“India is likely to sustain an economic growth rate of 7 per cent or more in the financial year 2026-27,” she said.
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The Finance Minister also spoke about the impact of the conflict in West Asia and disruptions around the Strait of Hormuz, which had affected the movement of key commodities, including crude oil, petroleum products and fertilisers.
She said India was able to respond to the disruption by rerouting supplies and ensuring that the availability of essential commodities was not significantly affected.
“The disruption in the Strait of Hormuz initially affected supplies of key commodities such as crude, petroleum products and fertilisers to India, but the country managed to reroute supplies,” Sitharaman said.
On fertilisers, she said the government had taken steps to shield farmers from the impact of higher international prices. Despite the rise in global prices, fertiliser prices for farmers have been kept under control through government subsidies.
Sitharaman exprressed the government would continue to focus on structural and systemic reforms to strengthen economic growth.
“We will continue with systemic reforms and seek to mobilise more capital, particularly from overseas, as India’s economy expands,” she added.
Her comments come at a time when the global economy continues to face uncertainty due to geopolitical tensions, commodity price volatility and disruptions to supply chains.
Despite these challenges, the government remains confident about the underlying strength of the Indian economy and its ability to maintain a relatively high growth rate.
Sitharaman also underlined the need to attract more investment into India as the economy expands, saying overseas capital would play an important role in supporting the country’s growth ambitions.
The finance minister’s remarks signal continued confidence in India’s growth prospects for the coming fiscal year, even as policymakers remain watchful of developments in the global economy.
–ENDS–
Disclaimer: This article is for informational purposes only and is based on publicly available information. APAC Media is not responsible for investment decisions or losses. Please conduct your own research or consult a financial adviser before investing.
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