NEW DELHI, Sep 3: India continues to remain the fastest-growing major economy in the world, registering a robust 7.8 per cent growth in the first quarter of fiscal year 2026-27 despite global disruptions, Union Finance Minister Nirmala Sitharaman said.
Sitharaman made the remarks while addressing a high-level business roundtable with investors in New York on Wednesday. The interaction 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, recording a remarkable growth of 7.8 per cent in Q1 of FY 2026-27,” the Finance Ministry said in a post on X.
Sitharaman, who arrived in New York after attending the G20 Finance Ministers’ meeting in Asheville, North Carolina, highlighted the government’s reform-oriented approach and efforts to provide greater regulatory certainty for businesses and investors.
She pointed to measures such as the Insolvency and Bankruptcy Code, saying these reforms had helped improve ease of compliance and reduce paperwork—areas that have remained a key focus of the government over the past decade.
The Finance Minister outlined several priority areas of the government, including the creation of capital assets, sustained support to industry through infrastructure development, particularly in aviation, and efforts to create a favourable investment climate.
She also highlighted the government’s focus on promoting artificial intelligence and data centres, encouraging global capability centres, improving credit availability for micro, small and medium enterprises (MSMEs), and reducing non-performing assets (NPAs) in the banking sector.
According to Sitharaman, these measures have helped create a more conducive business environment, enabling banks and industries to strengthen their operations, expand and emerge more resilient.
She further stressed that India has remained committed to fiscal prudence and discipline despite the challenges confronting the global economy, particularly since the outbreak of the COVID-19 pandemic.
Sitharaman said the country’s investment climate had improved significantly, with both the Centre and state governments showing greater willingness and competitiveness in attracting and facilitating investments.
She said these initiatives were part of the broader national effort to realise the vision of Viksit Bharat 2047.
Earlier, welcoming the participants, India’s Ambassador to the United States Vinay Kwatra said the latest GDP figures demonstrated the resilience of the Indian economy.
He said India’s rapid economic growth presented opportunities for both India and the United States, particularly through stronger trade and investment linkages between the two countries.
