23 hrs ago
Das Says India’s Economy Remains Strong Amid Geopolitical Challenges
Shaktikanta Das said India’s economy is doing well despite problems around the world.
He pointed to strong spending inside India and activity in factories and services.
He also said the job market is improving.
India’s economy grew by 7.8% from April to June.
Tax collections, electricity use, rail freight and vehicle sales also showed strength.
Das said India should rely less on imported oil and gas.
He said offshore exploration could help find more domestic energy.
He also said countries in the global south should work together on food, trade, energy, stability and jobs.
In his view, working together can give these countries more influence in global economic decisions.
Shaktikanta Das said India’s economy is supported by domestic demand, industrial activity, services and improving labour conditions.
India recorded 7.8% GDP growth in the April-June quarter, according to Das.
Das said high GST collections, electricity generation, rail freight and vehicle sales indicate broad-based momentum.
He urged India to reduce oil and gas import dependence through measures including offshore exploration.
Das identified food security, trade diversification, energy transition, macroeconomic stability and job creation as priorities for the global south.
- Who
- Shaktikanta Das, principal secretary-2 to the prime minister and former Reserve Bank of India governor.
- What
- Das assessed India’s economic strength and outlined reforms and priorities for India and the global south.
- Where
- At the launch of the India Emerging Economic Order Forum by the Delhi School of Economics and Research and Information System for Developing Countries.
- When
- The remarks were made on Tuesday; the cited GDP growth covered the April-June quarter.
- Why
- Das said strong domestic demand and economic activity support India, while reforms, energy diversification and collective action are needed to address global uncertainties.
Key facts
- April-June GDP growth
- 7.8%, according to Shaktikanta Das.
- Average real GDP growth
- 7.9% annually in the five-year period ended 2025-26.
- Economic supports
- Domestic demand, industrial and services activity, and improving labour market conditions.
- Momentum indicators
- GST collections, electricity generation, rail freight movement, and wholesale and retail vehicle sales.
- Energy priority
- Reduce dependence on imported oil and gas.
- Exploration initiative
- The government has launched Samudra Mantan, described as national offshore exploration of deep waters.
- Global south priorities
- Food security, trade diversification, global supply-chain participation, energy transition, macroeconomic stability, and jobs.
Quotes
Shaktikanta Das
Principal secretary-2 to the prime minister and former Reserve Bank of India governor
“The recent conflict in the Middle East has underscored the vulnerability of the global south economies to energy shocks, with energy importing countries bearing the brunt of higher fiscal pressures and strained foreign exchange reserves. The lesson is clear: diversification of the energy mix can reduce vulnerability and strengthen domestic resilience.”
financialexpress.com
“High frequency indicators, such as GST collections, electricity generation, rail freight movement, wholesale and retail vehicle sales, and similar other trends point to broad-based economic momentum.”
financialexpress.com
Sources
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