India’s growth trajectory remains strong, global confidence rising: MoSPI Secretary

New Delhi: India’s sustained economic growth is strengthening global confidence in the country’s growth prospects, with the economy recording growth of more than 7 per cent for the third consecutive year, Ministry of Statistics and Programme Implementation Secretary Saurabh Garg said on Sunday.

Speaking to IANS, Garg said India’s economic performance remains encouraging, with real economic indicators also pointing towards continued momentum.

India recorded 7.8 per cent growth in the first quarter of the current financial year, reinforcing expectations that the country can maintain a strong growth trajectory despite an uncertain global economic environment.

“India’s strong economic position is prompting several international institutions to revise their growth projections upwards. This reflects growing global confidence in the country’s economic policies and its growth potential,” Garg said.

His comments come at a time when India continues to attract attention from global investors and multilateral institutions for its relatively robust growth performance amid subdued global economic conditions.

Meanwhile, Indonesia sees considerable scope for expanding its economic engagement with India, particularly in areas such as manufacturing, semiconductors, electric vehicles and critical minerals.

Mari Elka Pangestu, Indonesia’s Special Envoy for International Trade and Multilateral Cooperation, said countries should focus on strengthening trade and investment ties rather than adopting protectionist measures against each other.

“If the US wants to use tariffs as an economic policy instrument, that is its decision. But other countries should not respond by adopting protectionist policies against one another,” Pangestu told IANS.

Pangestu also emphasised the potential for India and Indonesia to deepen their economic relationship, saying opportunities under both bilateral arrangements and the ASEAN-India framework remain underutilised.

She said there was significant scope for expanding cooperation in both goods and services, while tourism and greater movement of people could provide additional avenues for strengthening ties between the two countries.

Against the backdrop of a fragmented global economy, Pangestu stressed that countries should build stronger partnerships with economies where there is clear potential for mutually beneficial cooperation.

Manufacturing and semiconductors, she said, could emerge as key areas of collaboration between India and Indonesia, particularly as global demand for semiconductor components continues to rise.

The electric vehicle sector is another area where the two countries could develop stronger industrial linkages.

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