India seen as key global trade driver

San Francisco

Finance Minister Nirmala Sitharaman said India is now the world’s fastest-growing economy, thanks to Prime Minister Narendra Modi’s strong leadership and government stability. She made these remarks while addressing the Indian diaspora in the United States on Monday.

Sitharaman noted that both the IMF and World Bank now see India as a potential engine for global trade. She credited this recognition to India’s strong economic base and future potential. She also pointed to how India set clear fiscal deficit targets post-COVID and has steadily worked toward bringing it below 4.5% by 2026.

The minister stressed India’s commitment to building a developed nation—‘Viksit Bharat’—by 2047. This includes better support for women, youth, farmers, and the poor. She also said India is focusing on ‘sunrise sectors’ and digital infrastructure, where the country is becoming a global leader.

Sitharaman praised Modi’s efforts to stay connected with the Indian diaspora, calling them important partners in India’s global journey. She began her five-day US trip in San Francisco, welcomed by Ambassador Vinay Kwatra.

Her visit includes a keynote address at Stanford, CEO meetings on technology and investment, and participation in cultural events. She will also attend IMF, World Bank, and G20 meetings in Washington. After the US, she will visit Peru from April 26 to 30.

India, US close to trade deal

India is set to sign a major trade deal with the US, aiming to boost trade to $500 billion by 2030. This deal may allow zero-duty imports under India’s PLI schemes and bring in US tech in defence, clean energy, and manufacturing. US Vice President J.D. Vance’s visit highlights stronger ties. A report says India’s economy is strong due to local demand, low export reliance, and a young population. With US tariffs on China rising, India may gain. GDP growth is expected at 6.5% in FY26. Lower interest rates could also increase private investments and economic reforms.