New York: India recorded a “remarkable growth” of 7.8 per cent in the first quarter of fiscal year 2026-27 despite global disruptions, and against all odds, remains the fastest-growing major economy in the world, Finance Minister Nirmala Sitharaman said.
Sitharaman on Wednesday participated in a high-level business roundtable with investors, organised by the Consulate General of India in New York in association with Bank of America, New York.
Addressing investors, Sitharaman said that “despite global disruptions and against all odds, India continues to be the fastest-growing major economy in the world, recording a remarkable growth of 7.8 per cent in Q1 of FY 2026-27,” the Finance Ministry said in a post on X.
The Finance Minister said India’s reform agenda, undertaken under the leadership of Prime Minister Narendra Modi, has helped improve regulatory certainty and create a more business-friendly environment. She pointed to measures such as the Insolvency and Bankruptcy Code (IBC), which she said have contributed to greater ease of compliance and reduced paperwork.
Sitharaman also outlined several areas that the government has prioritised to strengthen investment and economic activity. These include the creation of capital assets, infrastructure development, particularly in the aviation sector, and efforts to create a more conducive investment climate.
She said the government is also focused on expanding artificial intelligence and data centres, supporting the growth of Global Capability Centres (GCCs), ensuring adequate credit availability for micro, small and medium enterprises (MSMEs) and reducing non-performing assets (NPAs) in the banking sector.
According to Sitharaman, these measures are aimed at creating an enabling environment in which banks and industry can expand, become more competitive and emerge stronger.
The Finance Minister also stressed India’s commitment to fiscal prudence and discipline, saying the government has maintained its focus on fiscal consolidation despite the economic challenges that have emerged globally since the COVID-19 pandemic.
She said the investment climate has improved significantly, with both the Centre and state governments becoming increasingly competitive and proactive in attracting investments to their respective regions.
Sitharaman linked these efforts to the government’s broader objective of building a Viksit Bharat by 2047, with investment, infrastructure and reforms playing a central role in the long-term economic transformation agenda.
Earlier, India’s Ambassador to the United States Vinay Mohan Kwatra, in his welcome address, highlighted the significance of India’s latest GDP figures. He said the first-quarter growth numbers demonstrated the resilience of the Indian economy.
Kwatra also stressed the potential for India and the United States to benefit from India’s rapid economic expansion by building stronger linkages between trade and investment between the two countries.
The investor outreach comes as India seeks to deepen its economic engagement with the US and position its strong domestic growth, improving financial system and reform agenda as key advantages for international investors.
