Chicago, August 30, 2026 (Yes Punjab News)
Finance Minister Nirmala Sitharaman has said India’s goal of becoming a ‘Viksit Bharat’ by 2047 is now less than two decades away, making greater support for the country’s reform process essential.
Addressing the Indian diaspora at the Consulate General of India in Chicago, Sitharaman said the pace and scale of reforms required to achieve the 2047 target needed support from people with expertise, global exposure and innovative ideas.
“And, above all, support in terms of capital, which is so required for a country to meet all its aspirations,” she said.
The Finance Minister said the government had set a target of bringing borrowings down to 50 per cent of GDP by 2030 and remained committed to maintaining fiscal discipline.
She noted that the government had achieved the fiscal deficit trajectory it had set for itself, including the last milestone for 2025-26.
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Sitharaman also highlighted India’s improving credit ratings and attributed the progress to what she described as sound economic management rather than cuts in social welfare spending.
“Our credit ratings are improving. But that’s not by cutting corners. That’s not by stopping the resources which have to go for social welfare. It is through proper management of the economy,” she said.
She cited the government’s handling of global supply disruptions as an example of its economic management. Despite shortages and higher risks affecting crude oil, LPG and fertilisers, India managed to protect domestic consumers and farmers, she said.
Sitharaman said the government had ensured markets were kept informed about fertiliser requirements even as global supplies contracted. Shipping costs and insurance premiums also rose sharply amid heightened risks.
To address the problem, the government announced a fund in the Budget to support additional insurance premiums incurred by shipping companies because of the risks involved.
“As a result, Indian farmers, Indian households and Indian logistics did not suffer,” she said.
Sitharaman said several countries had seen their economic calculations disrupted by the global uncertainties, but India had managed to protect its citizens despite facing its own limitations.
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