Quick Summary
After ushering in landmark GST reforms earlier this year, Finance Minister Nirmala Sitharaman has revealed that the government is now focusing on "immense work" toward next-generation customs reforms to modernize trade facilitation and boost India's competitiveness in the global economy. Delivering the Valedictory Lecture at the Delhi School of Economics, FM Sitharaman said India now stands "tall and distinctly on its feet" due to strong macroeconomic fundamentals and robust policy measures.
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FAQ :
The government is focusing on next-generation customs reforms to modernise trade facilitation and boost global competitiveness, alongside maintaining fiscal discipline.
India is poised to become the world's third-largest economy in the near future, having progressed from the 10th largest in 2014 to the 5th largest today.
The government remains determined to meet the 4.4% fiscal deficit target for FY26.
India's economic resilience, robust policy measures, sound macroeconomic fundamentals, and fiscal stability are key to its credibility in global markets.
Technology, particularly artificial intelligence, is transforming economic policymaking, including areas like tax enforcement and evasion detection, necessitating data-driven insights.
Future challenges include ageing populations, rapid urbanisation, automation, and supply chain realignments, requiring innovative solutions from younger economists.
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