India's path forward in an era of change

The rapid change in the global system is facing India with new challenges as well as opening up doors of multifaceted possibilities, said Indian Finance Minister Nirmala Sitharaman. Recently, at a symposium at the Hoover Institution of Stanford University in California, USA, she gave a detailed speech on India's economic progress, infrastructure development and digital transformation.

The Finance Minister said, "As we move forward towards the goal of a developed India, our goal must be long-term success, but at the same time we must pay attention to the current reality. As global changes are bringing us obstacles, they are also offering us new opportunities. We should bravely face the adversities and utilize the potential."

She highlighted the massive increase in government spending on India's infrastructure sector. She said that capital expenditure has increased more than four times in the 2025-26 budget compared to the 2017-18 fiscal year.  This has strengthened the foundation of a productive economy and increased investor confidence.

He also noted that a “developed India” will not be achieved solely through the efforts of the government, but through the collective participation of citizens. This requires bold planning, social inclusion and a resilient mindset.

Speaking about the progress of Digital Public Infrastructure (DPI), he said that more than one billion people in the country have already been provided with digital identity cards. During the COVID-19 pandemic, this technology has enabled rapid online delivery of financial assistance and has also effectively implemented vaccination programmes.

He added, “First-generation immigrants of Indian origin have founded 72 unicorns between 2018 and 2023, with a combined market value of over US$195 billion and employing around 55,000 people.” Also, more than 65 percent of the Global Capability Centers operating in India are headquartered in the US, indicating international collaboration in the research, audit and consultancy sectors.

 Describing the MSME sector as a key driver of economic growth, Sitharaman said, “The government has taken steps to strengthen this sector, such as easy credit, timely repayment, redefinition of size and simplification of regulations.”

Referring to the Open Network for Digital Commerce (ONDC) launched in 2022, she said that so far 7.64 lakh sellers from 616 cities have joined it. The government’s next goals are to further digitize administrative processes, connect MSMEs to global markets and provide special support to women-led and rural entrepreneurs.

The Finance Minister’s statement clearly states that India is not limited to domestic development alone – it is also moving forward with the goal of becoming a global economic powerhouse. Despite the adverse global situation, India is taking firm steps towards a stable and inclusive future through strategic preparedness and technology-driven innovation.