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Sitharaman Credits States for India’s Resilience Amid Global Shocks
India’s economy grew quickly even though the world economy faced several problems.
Finance Minister Nirmala Sitharaman said state governments helped the national government make it easier for businesses to operate.
The government also removed more than 1,000 old laws and simplified 40,000 regulations.
Officials regularly spoke with companies and trade groups about their concerns.
India grew by 7.8% in the first three months of the 2026–27 financial year.
Manufacturing and financial services grew even faster.
Sitharaman said money coming from people and investors abroad showed trust in Indian banks and the economy.
She believes India can continue growing strongly in the coming quarters.
Finance Minister Nirmala Sitharaman credited state governments with helping improve India’s ease of doing business.
She said more than 1,000 laws were removed and 40,000 regulations simplified to reduce compliance burdens.
India recorded 7.8% economic growth in the first quarter of financial year 2026–27 despite global challenges.
Manufacturing grew 9.2%, financial and professional services expanded 12.1%, and foreign exchange reserves reached about $700 billion.
Sitharaman said trade agreements, investor protection measures and overseas Indian deposits reflected confidence in India’s economy and banking system.
- Who
- Finance Minister Nirmala Sitharaman, state governments, businesses and Indian citizens.
- What
- Sitharaman said cooperation between the Centre and states, regulatory reforms and business engagement helped India maintain strong growth amid global challenges.
- Where
- The remarks were made in Asheville, where the G20 Finance Ministers’ meeting was held.
- When
- During the first quarter of financial year 2026–27; the remarks were made around the G20 Finance Ministers’ meeting.
- Why
- To explain the factors behind India’s economic resilience and investor confidence despite external pressures.
Key facts
- First-quarter growth
- India’s economy grew 7.8% in the first quarter of financial year 2026–27.
- Manufacturing growth
- Manufacturing expanded by 9.2%.
- Services growth
- Financial and professional services grew by 12.1%.
- Foreign exchange reserves
- India’s reserves stood at about $700 billion.
- Regulatory changes
- More than 1,000 laws were removed and 40,000 regulations were simplified, according to Sitharaman.
- Economic measures
- India is pursuing bilateral trade agreements and investor protection agreements.
- International meetings
- Sitharaman held bilateral discussions with the United States, Poland, Qatar, South Korea and Russia.
Quotes
Nirmala Sitharaman
India’s Finance Minister
“Despite these global challenges, if the Indian economy is still growing at 7.8% in the first quarter of this financial year, 2026-2027, it is heartening that the people’s hard work is bearing fruit.”
thehansindia.com
“We, as you know, have reduced a lot of compliance burden on the citizens, whether it is by reforming the Acts, by simplifying the regulations, and also by removing archaic laws.”
thehansindia.com
Sources
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