Bengaluru: Union Finance Minister Nirmala Sitharaman on Sunday said India continues to be the world’s fastest-growing major economy despite rising geopolitical tensions and increasing global energy prices that are creating fresh uncertainties for economic growth worldwide.
Speaking at the BJP’s Viksit Bharat event in Bengaluru, Sitharaman highlighted India’s strong economic performance and resilience, pointing to robust GDP growth figures and the continued expansion of welfare and financial inclusion programmes across the country.
India records stronger-than-expected growth
The Finance Minister said India’s economy grew by 7.7 per cent in FY26, improving from 7.1 per cent in the previous financial year.
She also noted that GDP growth during the January-March quarter stood at 7.8 per cent, surpassing economists’ expectations and matching the pace recorded in the preceding quarter.
According to Sitharaman, the growth numbers demonstrate India’s ability to maintain economic momentum even amid global uncertainties, including geopolitical conflicts and fluctuations in energy markets.
Karnataka sees benefits from central schemes
Highlighting the impact of central government initiatives in Karnataka, Sitharaman said more than 2 crore accounts have been opened under the Pradhan Mantri Jan Dhan Yojana in the state.
She added that over ₹3.4 lakh crore in loans have been disbursed under the Pradhan Mantri Mudra Yojana, particularly benefiting micro, small and medium enterprises in industrial regions such as Peenya and Sirsi.
The minister also highlighted progress in healthcare, welfare and agricultural support programmes.
Welfare initiatives reach millions
According to Sitharaman, more than 1.9 crore Ayushman cards have been issued in Karnataka, providing health insurance coverage of up to ₹5 lakh per family under the Ayushman Bharat scheme.
She said around four crore beneficiaries continue to receive free food grains under the Pradhan Mantri Garib Kalyan Anna Yojana.
The Finance Minister further stated that over 43 lakh farmers in Karnataka are receiving direct financial support under the PM-KISAN programme, while 31.7 lakh Kisan Credit Cards have been issued.
Under the Jal Jeevan Mission, around 87 lakh rural households in Karnataka now have access to piped drinking water, she said.
Sitharaman also noted that more than 41 lakh households have received LPG connections under the Pradhan Mantri Ujjwala Yojana.
Insurance and pension coverage expands
The minister said social security schemes have witnessed strong participation in Karnataka.
According to her, 1.67 crore people have enrolled under the Pradhan Mantri Jeevan Jyoti Bima Yojana, while 2.60 crore individuals have joined the Pradhan Mantri Suraksha Bima Yojana.
She added that around 49 lakh people have enrolled in the Atal Pension Yojana.
More than 6 lakh street vendors have also benefited from collateral-free loans under the PM SVANidhi programme, Sitharaman said.
No fuel shortage, says Hardeep Singh Puri
Addressing concerns over global energy markets, Union Petroleum and Natural Gas Minister Hardeep Singh Puri assured that India faces no shortage of crude oil, LPG or natural gas.
Puri said the country’s energy supply situation remains comfortable despite global uncertainties affecting fuel markets.
He highlighted the increase in domestic LPG production, noting that daily output has risen from 32,000 metric tonnes to 54,000 metric tonnes, helping reduce dependence on imports.
LPG stocks sufficient for up to 80 days
The minister said India currently maintains substantial LPG reserves.
“If 80,000 metric tonnes of LPG are consumed daily, domestic production has significantly increased, and we currently have LPG stocks sufficient for 75 to 80 days,” Puri said.
The government believes the strong inventory position and rising domestic production will help ensure uninterrupted fuel supplies even if international energy markets remain volatile.
Growth outlook remains positive
Despite concerns over rising energy prices and geopolitical tensions, the government’s assessment remains optimistic about India’s growth prospects.
With strong domestic demand, expanding welfare coverage, increasing financial inclusion and a stable energy supply situation, policymakers believe India remains well-positioned to maintain its status as one of the fastest-growing major economies in the world.