Asheville, September 1, 2026 (Yes Punjab News)
Finance Minister Nirmala Sitharaman has credited state governments, regulatory reforms and sustained engagement with businesses for helping India maintain strong economic growth despite persistent global challenges.
In an exclusive interview with IANS on the sidelines of the G20 Finance Ministers’ meeting in Asheville, Sitharaman said several states had joined the Centre’s efforts to improve the ease of doing business.
“I think together with the states, I will also credit the states, many of them who have come forward to make doing business a bit easier,” she said.
The Finance Minister said the government had worked to reduce compliance burdens on citizens and businesses by reforming laws, simplifying regulations and removing outdated provisions. More than 1,000 laws had been removed and around 40,000 regulations simplified, she said.
She also highlighted regular consultations with industry, businesses and trade bodies as part of the government’s approach to economic policymaking.
Sitharaman said India was pursuing bilateral trade agreements and investor protection agreements to strengthen economic activity and boost investor confidence. She also pointed to foreign currency non-resident (FCNR) bank deposits and investments by Indians living overseas as indicators of confidence in India’s banking system and economic fundamentals.
“The trust that people have in the Indian banking system and in the Indian macroeconomic indicators is clearly telling us the positive story, and we would like to build on it,” she said.
India recorded 7.8 per cent economic growth in the first quarter of 2026-27. Sitharaman said the performance was particularly encouraging given continuing external pressures.
“I am extremely pleased with the numbers,” she said, attributing the growth to the hard work of Indian citizens despite “extreme challenges” from abroad.
Manufacturing expanded 9.2 per cent, while financial and professional services grew 12.1 per cent, according to figures cited by the Finance Minister. India’s foreign exchange reserves stood at about $700 billion.
Sitharaman said the first-quarter performance would provide momentum for the rest of the financial year and expressed confidence that India could sustain similar growth in subsequent quarters.
During the G20 meeting, she has held bilateral discussions with representatives from the United States, Poland, Qatar, South Korea and Russia.
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