Union finance minister Nirmala Sitharaman on Friday highlighted India’s growing economic resilience and said that the nation is well-equipped to absorb external shocks, amid ongoing external trade tensions.“Our capacity to absorb shocks is strong, while our economic leverage is evolving. Our choices will determine whether resilience becomes a foundation for leadership or merely a buffer against uncertainty. So in conclusion, history teaches us that crises often precede renewal,” FM Sitharaman said while addressing the inauguration of the 4th edition of the Kautilya Economic Conclave.“Geopolitical conflicts are intensifying. Sanctions, tariffs and decoupling strategies are reshaping global supply chains,” she added.She said that these dynamics highlight both India’s vulnerability and resilience and hailed the ability to absorb shocks.Becoming Viksit Bharat by 2047 does not implies that India wants to be a closed economy, the FM said, adding, “we have to reach 8% GDP growth to get to the goal for a developed nation.”These remarks come amid a standoff between the US and India, with Washington slapping an additional 25% tariff on Indian imports, atop the existing 25% duty.Also read: National Pension System delivers 13% annual returns, ‘offers flexibility and choice’ says FMShe further added that India’s strong domestic factors will minimise the impact of ongoing global uncertainties.“We are in a shifting global landscape which resembles a zero-sum approach. Indian economy is resilient and continues to grow sustainably.”She added that the current fragmentation could pave the way for more sustainable and unexpected forms of cooperation. The key, the FM said, is to ensure that inclusivity guides such collaboration. For developing nations, this is essential, not merely an idealistic goal. “We cannot afford to be passive spectators. In a world where decisions elsewhere determine our destinies, we must be active participants, shaping outcomes where possible and preserving autonomy where necessary,” she emphasised.Also read: India pushes ‘self-reliance’ and ‘resilient supply chains,’ Piyush Goyal warns against weaponisationSitharaman also praised the conclave’s role in guiding policy decisions, noting, “The 4th edition gives me the confidence that Indian policy making is guided by a good churn at the conclave, and the outcomes have not only helped us in policy making but also in holding global conferences. The G20 of 2023 stands out as a classic example.”She also highlighted that the current disruptions are not temporary but part of a deeper structural transformation in the foundations of the global order. “What we face today is not a temporary disruption but a structural transformation,” she said.
