‘The global economic environment poses challenges, India is well-positioned to seize new growth opportunities. She emphasized that as countries reassess their supply chains, India aims to be a key partner for those seeking to diversify their sources of goods and services’, said Finance Minister Nirmala Sitharaman.
The remarks were delivered on October 21, 2024, during a special lecture on ‘India’s Economic Resilience and Prospects Amidst a Challenging and Uncertain Global Environment’ at Columbia University. She highlighted India’s focus on enhancing domestic capacities and building resilience against external shocks.
While the last few decades saw global driven by broad trade agreements, I believe the next years will focus on strategic economic partnerships, and India is well placed to benefit from this change. She noted that although the global economic environment may be challenging, India is ready to take advantage of new growth opportunities.
She added, ‘The shift towards a more divided global economy, with new alliances and changing trade patterns, could actually benefit India. As countries reassess their supply chains, India aims to become an important partner for those looking to diversify their sources of goods and services’.
In New York on October 20, 2024, after visiting Mexico, where she led the Tech Leaders Roundtable in Guadalaraja and toured the TCS headquarters. In New York, she spoke at a Roundtable on ‘Investment Opportunities in India’ at the New York Stock Exchange and took part in a discussion about India’s economic reforms and growth with IBM Chairman and CEO Arvind Krishna.
She said, ‘The world is presently facing multiple challenges, including conflicts in the Middle East and between Russia and Ukraine. There are also potential issues like dollar liquidity problems, rising global tariffs from trade wars, and oil price shocks happening all at once. Additionally, the changing trade dynamics with China have made it necessary for countries to protect their domestic production’. She emphasized that despite the complicated global situation, India’s economic fundamentals are still strong providing a solid base for future growth.
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