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Union Finance Minister Nirmala Sitharaman on Wednesday credited India's 7.8 per cent economic growth in the first quarter of the current financial year to the hard work of the country's industry, MSMEs and people, while highlighting the role of policy certainty in supporting growth amid global challenges.
Sitharaman, who addressed the International Tax Research and Analysis Foundation's (ITRAF) 8th International Tax Conference in Bengaluru, told reporters in an interaction that growth number was not accidental. "7.8% Q1 growth is not a random number. I don't take the credit for my side or the government's side; I give the entire credit to the people of Indiathe hardworking industry, small MSMEs, and everyone else. It is their sheer dint of hard work that is working out," Sitharaman said. She added that government policies provide the framework within which businesses and the wider economy operate. "Of course, policies are the framework or the rail track on which the train moves," she said. The Finance Minister also urged Indian industry to remain engaged with its counterparts in other countries to understand the challenges businesses are facing globally. "The reason I am saying industry should talk and stay in touch with their counterparts elsewhere is that you know how difficult and challenging the environment is everywhere," she said. Sitharaman also raised concerns over what she described as continuing negative commentary around the Indian economy, while acknowledging that there remained areas requiring improvement. "Yes, of course, India is not okay here and probably not okay somewhere else, and it is our business to work together to set it all right. However, the continuing negative commentary saying nothing is happening in this country is something I worry about," she said. She said the results of economic activity were also visible in GST collections. "The environment created by the hard work of our people is showing results - reaching 7.8% growth and driving strong GST collections, even after bringing all the rates down in last year's reforms," Sitharaman said. The Finance Minister further said political and tax policy certainty had placed India in a stronger position to deal with global challenges. "The certainty this government brings, having been elected for a third term, combined with tax policy certainty... leaves India far better placed despite global challenges," she said. According to official data, India's real GDP grew 7.8 per cent year-on-year in the April-June quarter of 2026-27, compared with 6.9 per cent growth in the corresponding quarter of the previous financial year. Real Gross Value Added grew 8.2 per cent during the quarter, while nominal GDP expanded 10.3 per cent. (ANI)
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