New Delhi, March 14: Union Commerce and Industry Minister Piyush Goyal on Saturday said India’s economy remains resilient despite the ongoing conflict in the Middle East, though the situation may have a short-term impact on the economic activity.
Speaking at a media event here, the minister said India’s strong economic fundamentals would help the country navigate the current global uncertainty. “India is a resilient country with strong fundamentals. While we have war raging on, Indians understand the challenges and are willing to work with the government,” Goyal said.
The minister also stated that there will be a shortfall in economic activity in the short run, but “we will make up for it in the coming months”. Despite geopolitical tensions, India’s growth outlook remains robust. The Indian economy is expected to grow at more than 7 per cent in the next financial year, following an estimated growth of 7.6 per cent in the current year.
In addition, after posting GDP growth of 6.5 per cent in FY24-25, India’s economy expanded by 7.8 per cent in the first quarter of FY2025-26, according to the International Monetary Fund (IMF). At a time when several major economies are slowing and revising growth forecasts downward amid policy uncertainties, India continues to maintain strong momentum.
The IMF has positioned India as the fastest-growing major economy globally, ahead of China, whose growth is projected at 4.8 per cent. The multilateral agency has also projected India’s real GDP growth at 6.6 per cent for the full year, even under the assumption of prolonged tariff measures by the United States.
Earlier this month, the IMF said India is expected to contribute around 17 per cent to global real GDP growth in 2026, reflecting its continued status as the world’s fastest-growing major economy. The IMF also said that India is expected to contribute around 17 per cent to global real GDP growth in 2026, reflecting its continued status as the world’s fastest-growing major economy.
IANS
