India has shown that it can adjust to changes in the global economy without allowing its growth to be derailed, Union Minister for Finance and Corporate Affairs Nirmala Sitharaman has said while acknowledging the country’s dependence on imported energy and fertilisers. Finance Minister Sitharaman described India as a vibrant and responsive economy capable of managing external challenges, reports said today.
India is among the world’s large importers of crude oil and petroleum products. It also imports several fertilisers and their inputs despite having some domestic production capacity, the Finance Minister said. Sitharaman highlighted India’s economic performance, which demonstrated its ability to respond to developments overseas and protect its growth momentum.
The Finance Minister said the Reserve Bank of India also periodically issues its assessment of the economy, with the indicators moving in a positive direction. Sitharaman also highlighted India’s recorded growth of 7.8 per cent in the first quarter of the 2026-27 financial year. India’s foreign exchange reserves stood at about USD 700 billion, according to the Finance Minister. As per the report, Sitharaman credited Indian citizens, economic reforms and the expansion of digital infrastructure for strengthening the economy.
Finance Minister Nirmala Sitharaman has also said that India is preparing further customs and banking reforms, including risk-based import screening and a high-level review of the banking sector’s role towards building a developed India.
The Finance Minister said the next phase would build on changes already made in direct and indirect taxation, reports said today. Sitharaman also stated that the government is working to make the movement of imported goods through Indian ports more seamless. In this regard, a key proposal involves deploying scanners and concentrating checks on high-risk importers. Other consignments could then be cleared automatically, reducing delays for businesses and easing congestion at ports.
The approach would allow customs authorities to focus their scrutiny on higher-risk imports while facilitating faster clearances in other cases. However, FM Sitharaman did not provide a timetable for introducing the scanners or implementing the proposed automatic clearance system.
Sitharaman said confidence in the Indian banking system was reflected in foreign deposits and investments made by Indians living overseas. The indicators showed a positive story about trust in Indian banks and the country’s macroeconomic position, she said.
