She added that it has become all the more important for us to develop strategic resilience in this backdrop. In this regard, as we are familiar with, the Government of India has taken proactive steps to build capacity in emerging and strategic sectors across the economy.
She mentioned India’s semiconductors for example and said that the 2026 Budget announced India’s Semiconductor Mission 2.0 and raised the outlay for Electronics Components Manufacturing Scheme. The critical minerals story also has followed a similar arc. It was in the 2024-25 Budget that the Honourable Finance Minister first announced a Critical Mineral Mission and in 25 itself, January 25, the Critical Mineral Mission rolled out with a budget of 34,000 crores plus.
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“India’s role in global economic convergence has evolved from advocating greater representation for emerging markets and developing economies to increasingly contributing to shaping of the global economic order,” Thakur said. “This evolution shows India’s growing economic weight and its expanding role in articulating the priorities of the global south and advancing reforms in international institutions.”
India’s GDP has increased to $4.3 trillion from $2.5 trillion, an inflation-adjusted rise of 77%, which Thakur said was the highest among the world’s 20 largest economies over the period. She also cited poverty reduction, stronger institutions and deepening financial markets as evidence of the country’s economic progress.
She also highlighted India’s growing role in global economic institutions and forums, saying the country was moving from seeking a greater voice to helping shape the global economic agenda.India’s economic growth has strengthened its position globally, with GDP rising from about $2.5 trillion to $4.3 trillion, she said. The country has also made progress in reducing poverty and strengthening its financial system.
Thakur said global leadership, however, was not simply a function of economic size.
India has signed nine free-trade agreements covering 38 countries since 2021, while its expanding economic partnerships increasingly span financial cooperation, digital payments, technology, energy transition and supply chains, she said.
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Thakur said India’s growing role in the G20, BRICS and other global forums shows its increasing influence, while its focus on development finance, private capital mobilisation and digital public infrastructure was contributing to the global economic policy debate.
But India still has “pieces of the journey ahead,” particularly in developing its financial centre and channeling more domestic household savings into the financial system, she said.
“Global leadership is not simply a function of economic size. It is built when institutions, markets, financial systems and the nation become sufficiently trusted that others choose to rely upon them,” Thakur said.