India’s growth trajectory remains strong, underpinned by sound macroeconomic fundamentals and structural reforms implemented over the past decade, Finance Minister Nirmala Sitharaman said in London at the start of her UK visit this week.
Addressing an event entitled ‘Opportunities and challenges for India’s quest to become a developed economy by 2047’ at the High Commission of India in London, in partnership with the London School of Economics (LSE), the Union Minister for Finance and Corporate Affairs expressed optimism over India’s underlying strengths to cope with global economic headwinds. She also expressed confidence that the UK-India Free Trade Agreement (FTA) negotiations would conclude "sooner rather than later".
She said: “Our government remains committed to continued reforms, maintaining macroeconomic stability, and ensuring that growth benefits every section of society.”
Alluding to the global trade turmoil unleashed by US trade tariffs, the minister noted: “The US is the leading trade partner for India. So, at a time when trade is going to be influenced by tariffs, measures which the US government is taking, we still will have to make sure that the strength that India has in domestic demand as a big magnet which can attract global supplies must be sustained and boosted.
“We think India, and a few emerging markets, are going to be the engines of growth. The global depressed growth, if it has to pick up, will have to be because of these engines.”
Sitharaman is in London for the 13th Ministerial round of the India-UK Economic and Financial Dialogue (EFD) with her British counterpart, Chancellor Rachel Reeves. The key priorities for the EFD on the Indian side have been flagged as cooperation in IFSC GIFT City, investment, insurance and pension sectors, fintech and digital economy, and mobilising affordable and sustainable climate finance.
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The Minister for Finance and Corporate Affairs will go on to deliver the keynote address at the India-UK Investor Roundtable in the presence of Chief Executive Officers of international organisations, including key management personnel from across the UK financial ecosystem, covering pension funds, insurance companies, banks and financial services institutions.
She will co-host the Roundtable with UK Secretary of State for Business and Trade Jonathan Reynolds, being held in partnership with the City of London Corporation and with senior management of prominent pension funds and asset managers in the UK among the participants.