India a picture of stability in turmoil; to shape global growth in next decade: Shaktikanta Das

MUMBAI: Former RBI governor Shaktikanta Das has said that amid the global turmoil, India is a picture of stability, influencing the global direction.

“The coming decade will not be one where India simply participates in global growth, but one where India shapes it,” he said, framing macroeconomic stability and inflation control as compatible with sustained high growth.

At an event organised by Business Today, the principal secretary to PM said India combines sustained high GDP expansion with macroeconomic stability, structural reforms and rising global integration. He said that nearly one-sixth of global real GDP growth post-pandemic has come from India, and the country remains the fastest-growing major economy.

The expansion he said is thanks to the nine building blocks put in place: structural reforms, fiscal consolidation alongside record capital expenditure, manufacturing push, deepening services exports, strong bank and corporate balance sheets, expanding digital public infrastructure and an assertive trade strategy.

The former central bank chief set out a forward-looking roadmap for India, arguing that the country is moving from recovery to global influence. According to Das the growth opportunities lie in deeper trade integration, AI-led productivity gains and a manufacturing resurgence spanning electronics, semiconductors, defence and green energy.

The global economy, he said, is navigating “persistent geopolitical fragmentation, supply-chain realignments and uneven economic momentum.”

“We have to run a ‘marathon and a sprint simultaneously’, maintaining macroeconomic and financial sector stability while aggressively expanding new frontiers of growth.”