PM’s Principal Secretary Says India Sustained High Growth Despite Global Uncertainty

India has maintained a high level of economic growth despite global uncertainty, supported by strong macroeconomic fundamentals, P.K. Mishra, Principal Secretary to Prime Minister Narendra Modi, said on Saturday. Speaking to the media on the sidelines of the fifth Kautilya Economic Conclave, Mishra said India’s ability to withstand global disruptions demonstrated the importance of building economic resilience. He said investments in resilience come at a cost but are economically rational, particularly when international developments create uncertainty for economies.

Mishra said the discussion around resilience was particularly relevant in the current global environment, where economies are facing disruptions and uncertainty arising from international developments. He pointed to India’s experience during the COVID-19 pandemic and other crises as examples of the country’s ability to absorb shocks while maintaining economic stability. According to him, India has managed to sustain growth while also preserving its macroeconomic fundamentals, which he described as one of the country’s principal economic strengths.

Elaborating on India’s economic resilience, Mishra said the country had taken steps to diversify its supply chains and expand its trade relationships. He pointed to the growing number of free trade agreements (FTAs) and wider international trade partnerships as part of this effort. Diversification, he said, can help reduce vulnerability to disruptions affecting individual markets or supply sources. At the same time, India is seeking to strengthen its domestic manufacturing capabilities, creating greater capacity within the economy while remaining connected to global markets.

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Mishra said India’s approach was not to reduce its engagement with the global economy but to remain open while limiting vulnerabilities. He described this balance between openness and resilience as an important objective for the country as global economic conditions continue to evolve. Greater manufacturing capacity, diversified supply chains and broader trade relationships can, according to his remarks, help India respond more effectively when external shocks affect international commerce.

The Principal Secretary’s comments came during the fifth edition of the Kautilya Economic Conclave, where discussions focused on economic issues and the challenges facing the global economy. His remarks on resilience highlighted the trade-offs involved in preparing an economy for disruptions. While measures such as supply-chain diversification and investments in domestic capacity can involve additional costs, Mishra argued that these investments need to be viewed in the context of reducing economic vulnerability during periods of heightened uncertainty.

Mishra also emphasised that resilience and openness need not be contradictory objectives. India, he said, wants to continue engaging with the world through trade and international economic relationships while simultaneously reducing areas of vulnerability. The approach outlined by the Principal Secretary centres on maintaining strong macroeconomic fundamentals, broadening trade links, diversifying supply chains and expanding manufacturing capacity. These measures, he indicated, are intended to help India sustain economic growth while navigating an increasingly uncertain global environment.

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