India’s Domestic Demand as a Vital Economic Driver Amid US Tariffs
Finance Minister Nirmala Sitharaman emphasized India’s strong domestic demand as a major driver of growth amid US trade tariffs. Speaking in London, she highlighted the country’s economic resilience and competitiveness, asserting that India will remain a key player in global growth despite external challenges.
Finance Minister Nirmala Sitharaman stated that India’s robust domestic demand positions it as a key driver of growth amidst current global trade turbulence stemming from US tariffs. Speaking at an event in London titled “Opportunities and Challenges for India’s Quest to Become a Developed Economy by 2047,” she expressed confidence in India’s potential to harness domestic efficiencies to navigate these global challenges.
Sitharaman reflected on the prolonged period of sluggish global growth, indicating that prospects for low growth continue to loom. She acknowledged India’s achievement as the fastest-growing economy for five consecutive years, suggesting that even as growth moderates, it will remain buoyed by sustained domestic consumption and demand for high-quality goods, which stemmed from globalization since the 1990s.
As the United States remains a primary trade partner for India, the Finance Minister highlighted the necessity of leveraging India’s substantial domestic demand to counteract the effects of US trade measures. She emphasized the importance of enhancing this demand to attract foreign direct investment and bolster international manufacturing, thus facilitating both domestic supply and exports from India.
Sitharaman asserted that India and select emerging markets are expected to serve as pivotal engines of global growth, indicating that any recovery in the global economy would likely emerge from these regions. She firmly believed that a thriving domestic market will be vital in energizing the global economic landscape.
In summary, Finance Minister Nirmala Sitharaman’s remarks underscore India’s resilience and potential in facing global trade challenges, particularly those arising from US tariffs. With a strong domestic demand, India is poised to continue its trajectory as a leading economic growth engine, attracting foreign investment and contributing positively to the global market.
Original Source: www.business-standard.com
Post Comment