India has shown that it can adjust to changes in the global economy without allowing its growth to be derailed, Union Minister for Finance and Corporate Affairs Nirmala Sitharaman has said while acknowledging the country’s dependence on imported energy and fertilisers. Finance Minister Sitharaman described India as a vibrant and responsive economy capable of managing external challenges, reports said today.

 

India is among the world’s large importers of crude oil and petroleum products. It also imports several fertilisers and their inputs despite having some domestic production capacity, the Finance Minister said. Sitharaman highlighted India’s economic performance, which demonstrated its ability to respond to developments overseas and protect its growth momentum.

 

The Finance Minister said the Reserve Bank of India also periodically issues its assessment of the economy, with the indicators moving in a positive direction. Sitharaman also highlighted India’s recorded growth of 7.8 per cent in the first quarter of the 2026-27 financial year. India’s foreign exchange reserves stood at about USD 700 billion, according to the Finance Minister. As per the report, Sitharaman credited Indian citizens, economic reforms and the expansion of digital infrastructure for strengthening the economy. Finance Minister Sitharaman is in Asheville for the G20 Finance Ministers’ meeting.