Secretary of the Department of Financial Services, M. Nagaraju, today said, India remains one of the fastest-growing major economies in the world, with growth projected between 6.8 to 7.2 per cent this year. Addressing the Post Budget Conference on the Union Budget 2026-27 organised by ASSOCHAM in New Delhi, Mr Nagaraju said that the country is now the second largest contributor to global growth after China.
Highlighting the trade trends, he said, Indian industries have diversified export markets beyond the United States to Europe, Latin America and Africa, reducing risk exposure. The Secretary noted that the agriculture and MSMEs recorded growth of 10 per cent and 17 per cent respectively, supported by government guarantee schemes.
He also appealed to the private sectors to step up investments in data centres, financial services, MSMEs and energy sectors. Speaking about the India-US trade deal, Mr Nagaraju said, the deal will improve the trade relations and is expected to encourage expansion in industrial capacity between the two nations.
Meanwhile, talking exclusively to Akashvani News, President of ASSOCHAM, Nirmal K Minda hailed the India-US trade deal and described it as a major breakthrough with the reduction of tariff rates by the US on Indian exports to 18 per cent. He said that the deal is set to boost Made in India products, ensuring enhanced access to the world’s largest economy. Mr Minda added, this development will strengthen labour-intensive sectors such as textiles, footwear and electronics, deepening bilateral economic cooperation between India and the US.
