Maharashtra Chief Minister Devendra Fadnavis dismissed concerns about economic slowdown, stating that India has the capacity to repay 94 percent of its foreign debt in a single day. According to reports from PTI, Fadnavis addressed a press conference on Friday to mark Prime Minister Narendra Modi's 12 years in office, highlighting the dramatic improvement in the country's financial position. He contrasted this with earlier periods when concerns were raised about India's ability to repay foreign debt, noting that people used to say the country would collapse without IMF and World Bank assistance.
The Chief Minister emphasized India's significantly strengthened external position, stating that the country now has foreign exchange reserves of around ₹66 lakh crore, sufficient to finance imports for nearly 11 months. As reported by PTI, this represents a substantial improvement from earlier periods when India sometimes lacked enough foreign exchange reserves to cover even a month's imports. Fadnavis noted that unlike earlier times when the country sometimes struggled with foreign exchange constraints, India now maintains robust reserves to handle extended periods of import requirements.
India's economic resilience was highlighted by GDP growth of 7.8 percent in the January-March quarter and FY26 expansion at 7.7 percent. According to PTI reports, Fadnavis emphasized that despite repeated predictions of recession, India continues to record the highest growth rate globally. The Chief Minister stated that those forecasting a downturn have been proven wrong by India's actual economic performance, with the country maintaining its position as the fastest-developing economy globally.
India has achieved significant economic milestones, with the country emerging as the world's fourth-largest economy and crossing the USD 4.5 trillion mark. As reported by PTI, Fadnavis highlighted India's digital transformation, noting that annual digital payments have reached ₹314 lakh crore and the Unified Payments Interface (UPI) has been adopted by nearly 30 countries. The Chief Minister emphasized that despite global predictions of recession, India's economy has continued to expand and remains the fastest-growing among major economies.
