Maharashtra Chief Minister Devendra Fadnavis has made a big claim about the economic condition of the country, saying that today if needed, India can pay 94 percent of its foreign debt in just one day. He gave this statement in a press conference organized on the occasion of completion of 12 years of Prime Minister Narendra Modi’s tenure.
‘At one time there was concern about repaying foreign debt’
Fadnavis said that there was a time when serious concerns were raised about India’s economic condition. At that time it was said that if the International Monetary Fund (IMF) and the World Bank did not come forward to help, India might face difficulty in repaying the foreign debt. He said that today the situation has completely changed and India’s economic potential is much stronger than before.
Foreign exchange reserves become strength
The Chief Minister said that India currently has foreign exchange reserves of about Rs 66 lakh crore. This stock is so large that the country can easily bear the import expenses for about 11 months. Fadnavis said that earlier there was a time when India did not have enough foreign exchange for one month’s imports, but now the country’s position has become much stronger.
India among the fastest growing economies of the world
Rejecting the fears of economic recession, Fadnavis said that for many years there were talks of recession in India, but the country is continuously showing strong economic performance. He said India’s growth rate remains the highest in the world and the country is the fastest growing among major economies. According to recent data, India’s GDP growth rate in the January-March quarter stood at 7.8 percent, while the growth rate for the financial year 2025-26 has been recorded at 7.7 percent.
India becomes a 4.5 trillion dollar economy
Fadnavis said that India has now become the fourth largest economy in the world and the country’s economy has crossed the $4.5 trillion mark. He expressed confidence that India will soon move towards becoming a 5 trillion dollar economy. Referring to the digital economy, the Chief Minister said that India is today a global leader in the field of digital payments. The annual digital transaction figure in the country has reached Rs 314 lakh crore. He said that Unified Payments Interface (UPI) is being adopted in about 30 countries, which is a proof of India’s technical and financial capability.
sign of economic strength
According to Fadnavis, strong foreign exchange reserves, fast economic growth rate, growing digital payment network and increasing economic share at the global level indicate that India’s economy is continuously strengthening. He said that there may be talk of recession in the world, but India has maintained the pace of development amidst every challenge and the country’s economic performance is expected to yield positive results in the coming years.