7 months ago
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India is poised to lend astir one-fifth of the world’s GDP maturation connected the backmost of robust home request and prudent macroeconomic and fiscal assemblage policies, which enabled it to withstand “external shocks”, Shaktikanta Das, the Principal Secretary-2 to PM Narendra Modi, said.
Addressing an lawsuit successful Pune connected Saturday (October 11, 2025), helium emphasised that India’s underlying precedence successful escaped commercialized statement negotiations with the U.S. and different countries is to unafraid just and balanced agreements successful the champion involvement of the Indian people.
“India continues to show singular dynamism and resilience amid an uncertain planetary environment”, Mr. Das added.
Mr. Das delivered the 85th Kale memorial lecture connected “Indian Economy successful a changing planetary order” during the convocation astatine Pune-based Gokhale Institute of Politics and Economics.
Noting that the planetary system was experiencing a signifier of unprecedented uncertainty and cardinal reset, Mr. Das said the rules-based trading framework, promoting globalisation and escaped commercialized for implicit 8 decades, is facing a challenge.
Mr. Das stated that the concern has changed from the days erstwhile it was considered that the satellite was level and that it should go 1 market.
Cost competitiveness and the principles of comparative vantage crossed countries were expected to beryllium the guiding principles, but a cardinal alteration has crept in, helium added.
“The concern has changed fundamentally. The planetary system and commercialized person go considerably fragmented. Established rules are being progressively questioned portion caller norms are yet to beryllium firmly acceptable in. The COVID pandemic and the Ukraine-Russia struggle person accelerated the determination toward self-reliance,” helium said.
The erstwhile politician of the RBI said that the vulnerability successful planetary proviso chains has led galore nations to rethink their outer dependencies and springiness higher value to proviso concatenation resilience implicit outgo efficiency.
“Strategic autonomy is present a apical priority. This translation is besides evident successful the increasing power of determination commercialized agreements, which bespeak a displacement towards much fragmented yet applicable commercialized alliances. The twelvemonth 2025, successful a nutshell, is simply a pivotal twelvemonth successful presumption of planetary economical trajectory.”
Guided by a decennary of structural reforms and strategical planetary positioning nether the imaginativeness of “aatmanirbhar” Bharat, the federation has successfully weathered aggregate planetary headwinds, Mr. Das added.
“The robust home demand, unneurotic with prudent macroeconomic and fiscal assemblage policies, has enabled the state to withstand galore outer shocks. India is present poised to lend astir one-fifth of the world’s GDP growth”, Mr. Das added.
He said India has been actively reshaping its commercialized engagements to align with the changing planetary order.
“India is simply a signatory to 14 escaped commercialized agreements (FTAs) and six preferential commercialized agreements (PTAs), with the U.K., Australia, and the UAE being the caller additions among FTAs,” helium added.
Mr. Das said members of the European Free Trade Association (EFTA), including Iceland, Liechtenstein, Norway, Switzerland, and India, person signed a broad Trade and Economic Partnership Agreement successful March 2024.
“At present, India is successful escaped commercialized statement negotiations with the U.S., the EU, Peru, Oman, and New Zealand, among respective others. The underlying precedence of our commercialized negotiations is to unafraid just and balanced agreements successful the champion involvement of our federation and people,” helium added.
Amid a changing planetary trade, it is important to absorption connected the robust fundamentals that fortify the Indian system and the structural reforms that person strengthened these fundamentals.
“These factors person enabled India to navigate done the tumultuous satellite order,” helium said.
