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Informist, Friday, Apr. 24, 2026

 

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--Sitharaman: Exports doing well, exporters finding new markets 
--Sitharaman:Need to ensure customers not away from human interface of banks 
--Sitharaman: Domestic consumption stood by us despite global uncertainty 
--CONTEXT: Finance Minister Sitharaman speaks at SBI Pune office inauguration 
--SBI Setty: India beacon of fincl stability amid global uncertainty 
--CONTEXT: SBI Chairman CS Setty speaks at SBI Pune office inauguration

 

NEW DELHI – Domestic consumption has stood by India despite global uncertainties, Finance Minister Nirmala Sitharaman said Friday, adding that exports are doing alright as exporters have been able to find new markets and kept the growth sustained.

 

"Domestic consumption and the domestic economic wheels moving well have really stood by us even during the times when global markets are in a churn and our exports are taking a beating," she said at the inauguration of State Bank of India's local head office in Pune, Maharashtra. "But our exporters, to their credit, in spite of all the tariffs and other challenges which the global uncertainties are giving them, because of their ingenuity, are finding newer markets and performing," she added. 

 

In 2025–26 (Apr-Mar), India's merchandise trade deficit widened to $333.2 billion from $283.50 billion a year ago. India exported goods worth $447.7 billion in FY26, up from $437.7 billion a year ago. Goods imports rose 7.5% in FY26 to $774.98 billion. Goods exports were, however, down over 7% from a year ago at $38.92 billion in March, primarily due to the ongoing war in West Asia. 

 

Sitharaman stressed on the importance of supporting India's economic growth on the back of domestic consumption. "Unless our domestic manufacturing, agricultural growth, tourism, IT (information technology) and related services sectors are given that constant, predictable support, India's growth story will be difficult to keep up. And in that, banks have a very big role to play," she said.

 

The finance minister lauded SBI for shifting its local head branch to Pune from Mumbai as it can manage many districts of Maharashtra better from there. However, she added that banks should ensure that growing digitalisation does not lead to customers moving away from their human interface completely. "Digitalisation should happen, but it is important also to see that as this pace of digitalisation moves forward, we should ask this question to ourselves, are we getting distant from our own customer base?" she said.

 

She urged SBI to get a better understanding of the legacy clusters in Maharashtra with the formation of the new local head office. SBI Chairman Challa Sreenivasulu Setty, who was also present at the event, said that with Maharashtra offering immense untapped potential and the bank aspiring to increase its balance sheet size from 20% of GDP of the country to 25%, the move to form a local head office in Pune is timely.

 

Setty also expressed confidence in India's economic growth amid the ongoing global uncertainty. "At a time when the global economy continues to navigate uncertainty and geopolitical tensions and evolving financial conditions, India stands out as a beacon of resilience and stability," he said.  End

 

US$1 = INR 94.24

 

Reported by Pratiksha

Edited by Ashish Shirke

 

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