Shaktikanta Das, the principal secretary to Prime Minister Narendra Modi, said on Tuesday at the India and Emerging Economic Order Forum in New Delhi that India’s economy is holding steady on a surge of domestic demand, citing GST collections, rail freight and vehicle sales.
High‑frequency data—electricity generation, wholesale and retail vehicle sales, rail freight movement—all point to a broad‑based momentum that has steadied the labour market, while tractor sales up 15% and two‑wheeler sales up 12% in the last quarter underscore a sharp rise in rural demand.
Das warned that the West Asia crisis has sparked an energy‑price surge, inflating domestic inflation and eroding purchasing power. He called for a reduction in oil imports and urged Global South economies to diversify supply chains and cut dependence on volatile markets.
India’s recent reforms—opening the space sector, pushing nuclear energy, and the Rs 84,000 crore Samudra Manthan exploration programme—could serve as models for the Global South, he argued. He stressed that collective action is needed to address food security, trade diversification, and energy transition.
Das set the stage for a multilateral forum in March to discuss these reforms, and he said the next G20 summit will be pivotal for shaping a resilient global growth trajectory.