Pune: India’s Union Finance Minister Nirmala Sitharaman On Saturday, hailed the country’s economy, calling its ability to stay strong under global turmoil “remarkable.” She was giving a speech during the 91st Foundation Day party for the Bank of Maharashtra in Pune.
Sitharaman added, “This strength is not by chance.” “It is the result of proactive fiscal and monetary policies, bold structural reforms, massive physical and digital infrastructure creation, improved governance, and enhanced competitiveness over the past decade.”
The Story of India’s Growth
The Finance Minister said that India is ready to handle global shocks and keep rising quickly because it has good macroeconomic fundamentals, a young population, and a growing reliance on domestic consumption.
India bounced back quickly after the Covid-19 pandemic, with an average annual growth rate of roughly 8% between 2021 and 2022 and 2024 and 2025. This made it the fastest-growing major economy in the world. The impetus is still there, as GDP grew by 7.8% from April to June of this year.
Trust in Banks and Customers
Sitharaman underlined how important it is for banks to put customers first. She said, “Every complaint from a customer should be seen as a chance to improve, come up with new ideas, and build trust.” Banks need to make sure that the same problem doesn’t happen again.
She remarked, “Financial institutions are at the heart of infrastructure development and economic growth,” to stress the importance of public sector banks in national development. To fund investments in infrastructure, industry, and new ideas, companies need to have strong balance sheets.
What Banks Do in Times of Global Uncertainty
Sitharaman emphasized that banks need to do more than just hold onto people’s money. They need to be engines of growth that give power to enterprises, entrepreneurs, and innovators in a world that is always changing.
She also mentioned the Unified Payments Interface (UPI) as a model for interoperability around the world, saying that even the IMF has applauded its architecture. She did say, though, “Digitalization is transformative, but it’s not enough on its own.” Integrity, empathy, and the ability to make good decisions are still important.
Praise for the Bank of Maharashtra
Sitharaman praised the Bank of Maharashtra for its work in promoting financial inclusion, saying that its contribution to the sector was laudable.