Nirmala Sitharaman Calls for Confronting Global Imbalances, Pitches Self-Reliance as Core of ‘Viksit Bharat’ Vision

At a time when the global economy finds itself grappling with fractured supply chains, deepening geopolitical rifts, and widening disparities between nations, India’s Finance Minister Nirmala Sitharaman has sent out a clear message: the road to India’s rise as a developed nation by 2047 lies in directly confronting these global imbalances while strengthening the country’s self-reliance.

Speaking at the fourth edition of the Kautilya Economic Conclave in New Delhi, Sitharaman painted a sharp picture of the challenges shaping today’s world order. She pointed out that imbalances in trade, finance, and energy are not passing disruptions but structural shifts that are reshaping economies for the long term.

“In a world of profound imbalances, trade has hollowed out industries in some nations while creating overcapacity in others. Financial flows have concentrated wealth in speculative sectors, depriving the real economy of investment. Energy imbalances have left some countries chronically dependent on costly imports, while others subsidise their industries with cheap, carbon-intensive power,” she said, capturing the essence of the crises facing nations big and small.

From Crisis Management to Bold Confrontation

The Finance Minister cautioned against seeing these issues as mere uncertainties to be “managed.” Instead, she argued they demand bold, structural responses. “The task before us is not simply to manage uncertainty but to confront imbalances,” she remarked, emphasizing that India must not be content with firefighting global shocks but rather must proactively build long-term resilience.

This message aligns with India’s twin-track approach to nation-building as envisioned by Prime Minister Narendra Modi. The first track, Sitharaman explained, is the ambitious yet determined push to transform India into a developed nation—‘Viksit Bharat’—by 2047, the year that marks the centenary of India’s independence. The second, equally critical, track is the pursuit of Atmanirbharta (self-reliance), without which the first goal remains unattainable.

India’s Resilience Amid Global Shifts

The Finance Minister also highlighted India’s growing resilience amid today’s global churn—be it geopolitical conflicts, shifting trade and supply chains, or the burden of sanctions and tariffs.

“For India, these dynamics highlight both vulnerability and resilience. Our capacity to absorb shocks is strong, while our economic leverage is evolving. The choices we make will determine whether resilience becomes a foundation for leadership or merely a buffer against uncertainty,” she said.

Her words reflect a broader narrative: India is no longer positioning itself as a passive actor in the global economy but as a country increasingly shaping global economic discourse.

G20 and Beyond: India’s Role in Global Governance

Sitharaman also credited policy platforms like the Kautilya Economic Conclave for fueling serious dialogue that strengthens India’s domestic decision-making and global positioning. She pointed to India’s leadership during its G20 Presidency in 2023 as an example of how domestic consensus helped the country emerge as a powerful voice in global governance.

“The G20 of 2023 stands out as a classic example of how policy deliberations at home enabled India to play a leading role in global economic discourse,” she said, underscoring the importance of collaborative policymaking at home in boosting international credibility.

Calling for developing nations to assert themselves more in global decision-making, Sitharaman warned against complacency. “We cannot afford to be passive spectators. In a world where decisions elsewhere determine our destinies, we must be active participants—shaping outcomes where possible and preserving autonomy where necessary.”

Crisis as a Prelude to Renewal

Ending her address on a note of cautious optimism, the Finance Minister reminded the audience that history has often shown how periods of crises pave the way for renewal. “The current fragmentation,” she hinted, may well be an inflection point for countries like India to redefine their growth paths and global roles.

Her speech was not merely a policy statement but a call to action—both for India and other developing nations—to confront systemic economic imbalances and harness the power of self-reliance. In Sitharaman’s telling, the path to “Viksit Bharat” by 2047 will not be easy, but it will be shaped by resilience, decisive choices, and India’s growing role in writing the rules of the new world order.