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Informist, Saturday, Oct. 3, 2026

 

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--PM principal secy: Econ strong despite global uncertainty on strong demand 
--CONTEXT: PM's Principal Secy Shaktikanta Das at Kautilya Economic Conclave 
--PM's Principal Secy Das: India within striking distance of 8% GDP growth 
--PM principal secy: Inflation targeting credibility helped high growth 
--PM principal secy: Fincl sector emerged as strong pillar of econ growth 
--PM principal secy: India's external sector resilient on trade pacts 
--PM principal secy: External sector resilient on svcs exports, remittances 
--PM principal secy:India now better placed to withstand external energy shock 
--PM's Principal Secy Das: Witnessing manufacturing resurgence in India 
--PM principal secy: India stands at pivotal movement in development journey 
--PM's Principal Secy Das: India must harness AI revolution 
--PM's Principal Secy Das: India must deepen fincl sector 
--PM Principal Secy Das: Need long-term fin, patient capital for India growth 
--PM Principal Secy: Next phase of growth needs deepening of bond markets 
--PM principal secy: Move to sustainable energy to lead next phase of growth 
--PM's Principal Secy Das: Sustaining reform momentum critical 
--PM's Principal Secy Das: India's strategy to grow sustainably, not rapidly

 

NEW DELHI – The Indian economy is within a striking distance of an 8% GDP growth owing to the government's recent reforms such as, introduction of goods and services tax, flexible inflation targeting, banking reforms and digitalisation, said Shaktikanta Das, principal secretary to the prime minister. "India's resilience is not accidental," he said at the Kautilya Economic Conclave here, Sunday. "It is the outcome of broad and mutually reinforcing reforms." 

 

Das said India stands at a pivotal moment in its development journey and in order to grow sustainably, the country must harness the artificial intelligence revolution. "India's AI strategy rests on two complementary pillars. First, sovereign AI capability through investments in indigenous foundation models, high-performance computing infrastructure, semiconductor developments and robust innovation ecosystem," he said. 

 

India also needs to deepen its financial sector to expand its economic weight, he said. "While India's financial sector has evolved significantly, the next phase of growth will require strengthening of long-term finance and patient capital," he said. "This underscores the need to further deepen the corporate bond market and, pension and insurance funds, municipal finance and innovative infrastructure financing."

 

The former Reserve Bank of India governor also called for India to develop strategic self-reliance, flagging that self-reliance does not mean isolation. To boost growth, the country also needs to focus on sustainable development and climate leadership, he said. "The next phase of growth will be driven by initiatives such as the national green hydrogen mission, electric mobility, energy efficient infrastructure, sustainable, agriculture, and circular economy practices," Das said.  

 

In order to achieve India's broader economic objective of becoming a developed nation by 2047, sustaining the reform momentum will be very critical, he said. India's strategy is not to simply grow rapidly, it is to grow sustainably and resiliently over the long term, he added. 

 

India posted a higher-than-expected GDP growth of 7.8% in the June quarter. Das said that despite global uncertainties, India's growth has been strong owing to robust domestic demand and investment conditions. 

 

"Many of the reforms undertaken over the past decade were not designed as one-off measures, but as specific buffers to enable the economy to absorb destruction and recover rapidly," he said. "I would put the flexible inflation targeting, introduction of the goods and services tax, the big push for digital payments and the banking reforms, among others in this category."

 

India adopted the inflation targeting framework in 2016 as a monetary policy strategy to maintain price stability while supporting economic growth, while GST came into effect on Jul. 1, 2017. 

 

Moreover, India's financial sector and prudent management of the external sector emerged as a strong pillar of economic growth, he said. "India's external sector indicators have remained broadly resilient due to a mix of factors like the ongoing diversification of exports, conclusion of free trade agreements, sustained surplus in services trade and steady inward remittances," he added.

 

Das highlighted that India is now better placed to withstand external energy shock as reliability of supply has improved significantly. His comments came amid the ongoing war in West Asia, which is now in its seventh month and has caused havoc in the global energy supply chain. 

 

India's manufacturing and industrial development through various schemes has accelerated the country's capacity building, leading to a resurgence in manufacturing, he said.  End

 

Reported by Pratiksha and Priyasmita Dutta

Edited by Akul Nishant Akhoury

 

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