India's economy stable but must reduce energy import dependence, says PMO official
India's economy remains a bright spot amid global uncertainty, according to Shaktikanta Das, Principal Secretary-2 to the Prime Minister. Addressing the launch of the India and Emerging Economic Order Forum by the Delhi School of Economics and Research and Information System for Developing Countries, Das emphasized that India's economic strategy has been guided by principles of macroeconomic and financial stability, structural reforms, infrastructure creation, industrial development, and global integration. He noted that policy initiatives have focused on enhancing competitiveness, building industrial capacity in sunrise sectors, and integrating Indian firms into global value chains through trade agreements.
Economic indicators demonstrate broad-based momentum across multiple sectors. GST collections, electricity generation, rail freight movement, and wholesale and retail vehicle sales all point to sustained economic activity. Rural demand has strengthened significantly, reflected in higher tractor and two-wheeler sales, while urban consumption remains upbeat. The government has emphasized fiscal prudence, inflation management, productivity-enhancing reforms, and large-scale investment in physical and digital infrastructure.
Despite these positive indicators, Das highlighted the need to reduce India's import dependency, particularly concerning oil and gas. He identified three specific areas of reform that are still playing out and can serve as lessons for the global south, underscoring the importance of long-term economic resilience alongside current growth momentum.
