During her ongoing five-day visit to the United States, Union Finance Minister Nirmala Sitharaman reaffirmed India’s fiscal commitment, stating that the country remains on course to reduce its fiscal deficit to below 4.5% by 2026. Speaking to the Indian diaspora in San Francisco, she highlighted that this goal has been part of a structured fiscal roadmap initiated in 2021, aimed at economic recovery following the pandemic-induced surge in the deficit.
“India’s fiscal deficit rose during the Covid-19 pandemic. But in 2021, we charted a clear path with year-on-year targets to reduce it. We’ve stayed committed to this trajectory, without missing a step,” Sitharaman said.
She also emphasized India’s growing prominence in the global economic arena, citing recognition from institutions like the International Monetary Fund (IMF) and the World Bank, which regard India as a key driver of global trade and economic stability.
The Finance Minister noted that under Prime Minister Narendra Modi’s leadership, the government is focused on realizing the ‘Viksit Bharat 2047’ vision—a blueprint for a developed India by its 100th year of independence. This includes targeted progress in sectors that impact women, youth, farmers, and underprivileged communities.
Highlighting innovation and future-forward growth, Sitharaman stressed India’s prioritization of “Sunrise Sectors” and its global leadership in Digital Public Infrastructure—both crucial in shaping a technologically advanced economy.
She also praised Prime Minister Modi’s continued efforts to connect with the Indian diaspora, underscoring its importance in India’s global engagement. “Wherever he travels, the Prime Minister ensures he meets the Indian diaspora. He believes it’s essential to remain connected with Indians across the world who are contributing significantly to the global landscape,” she said.
Sitharaman’s itinerary includes delivering a keynote address at Stanford University, interacting with business leaders in San Francisco to discuss investment and innovation, and participating in diaspora engagements to promote India’s cultural and economic diplomacy.
In Washington, D.C., she will attend the IMF and World Bank Spring Meetings, the G20 Finance Ministers and Central Bank Governors’ sessions, and hold bilateral meetings with finance ministers and leaders from various countries—further strengthening India’s international partnerships and development agenda.
