India's Economic Resilience and the Path Forward

Finance Secretary Ajay Seth recently highlighted the importance of agility and fiscal consolidation in addressing the challenges facing India's economy. With the country on the brink of becoming a $4 trillion economy, Seth emphasized the need for adaptability in a rapidly evolving global landscape.

Global Economic Slowdown and India's Position

Amid concerns of a global economic slowdown, triggered by recent tariff hikes by US President Donald Trump, Seth remains optimistic about India's growth projections of 6.3-6.8% this year. He pointed to healthy tax collections as a positive indicator of the economy's strength.

Focus on Fiscal Health and Governance

Seth also addressed the need for states to tackle revenue deficits and the importance of raising the tax-to-GDP ratio from 18% to around 20%. He noted the significance of governance in credit ratings and the push for a more objective World Governance Index by emerging economies.

Energy Security in a Changing World

The shift in global focus from energy transition to energy security was another key point discussed by Seth, reflecting on the discussions at the recent World Bank-IMF annual meeting.