India is expected to contribute about 20% of global GDP growth, underpinned by strong domestic demand and prudent macroeconomic and financial sector policies that have helped it withstand external shocks, Shaktikanta Das , Principal Secretary-2 to Prime Minister Narendra Modi, said on Saturday.
Addressing the 85th Kale Memorial Lecture on “Indian Economy in a changing global order” at the Pune-based Gokhale Institute of Politics and Economics, Das highlighted India’s focus on securing fair and balanced outcomes in free trade agreement (FTA) negotiations with the US and other nations.
“India continues to demonstrate remarkable dynamism and resilience amid an uncertain global environment,” he said, noting that the world economy is facing unprecedented uncertainty and a shift from the previous rules-based, globalised trade framework. Das pointed out that the COVID-19 pandemic and the Russia-Ukraine conflict have accelerated the move towards self-reliance and supply chain resilience.
Strategic autonomy is now a priority, Das added, with regional trade agreements reflecting a shift toward practical, fragmented trade alliances. Guided by a decade of structural reforms and the vision of an “Aatmanirbhar Bharat,” India has successfully navigated multiple global headwinds.
India currently has 14 FTAs and six preferential trade agreements (PTAs), with recent agreements including the UK, Australia, UAE, and the European Free Trade Association (EFTA) countries—Switzerland, Norway, Iceland, and Liechtenstein. Ongoing negotiations include talks with the US, EU, Peru, Oman, and New Zealand.
“Robust domestic demand, together with prudent policies, has enabled India to withstand external shocks. These fundamentals and reforms have strengthened our economy and positioned India to contribute significantly to global growth,” Das said.
Addressing the 85th Kale Memorial Lecture on “Indian Economy in a changing global order” at the Pune-based Gokhale Institute of Politics and Economics, Das highlighted India’s focus on securing fair and balanced outcomes in free trade agreement (FTA) negotiations with the US and other nations.
“India continues to demonstrate remarkable dynamism and resilience amid an uncertain global environment,” he said, noting that the world economy is facing unprecedented uncertainty and a shift from the previous rules-based, globalised trade framework. Das pointed out that the COVID-19 pandemic and the Russia-Ukraine conflict have accelerated the move towards self-reliance and supply chain resilience.
Strategic autonomy is now a priority, Das added, with regional trade agreements reflecting a shift toward practical, fragmented trade alliances. Guided by a decade of structural reforms and the vision of an “Aatmanirbhar Bharat,” India has successfully navigated multiple global headwinds.
India currently has 14 FTAs and six preferential trade agreements (PTAs), with recent agreements including the UK, Australia, UAE, and the European Free Trade Association (EFTA) countries—Switzerland, Norway, Iceland, and Liechtenstein. Ongoing negotiations include talks with the US, EU, Peru, Oman, and New Zealand.
“Robust domestic demand, together with prudent policies, has enabled India to withstand external shocks. These fundamentals and reforms have strengthened our economy and positioned India to contribute significantly to global growth,” Das said.
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