Sitharaman says economy shows no fragility, urges confidence

Union Finance Minister Nirmala Sitharaman on Monday, 2 November, said India’s key economic indicators showed no signs of fragility, citing strong GST collections and a sound banking sector, and urged citizens to speak with greater confidence about the country’s economic growth. Speaking at HSBC India’s ‘Algorithm of Inclusion’ event in Mumbai, she said the growing middle class and its purchasing power are supporting domestic consumption. “Instrumental pillars of fundamental economic well-being are all doing alright, there is no fragility,” she said, as reported by ThePrint and the Economic Times.

Sitharaman reiterated the government's priority of ‘Insurance for All’ by 2047, with schemes such as PMJJBY and PMSBY providing cover at minimal premiums. She said the government plans to set up AI training centres in every district to equip young people with skills for AI-enabled jobs. The Hans India reports she highlighted the World Bank estimate that around 50 crore people have moved out of poverty. Sitharaman also stressed the need for fiscal prudence, saying under Prime Minister Modi, fiscal discipline will be a top priority.

Update, 2 November 2026: The Economic Times now also reports the story, quoting Sitharaman saying there is ‘no fragility’ and that fiscal prudence is a top priority under Prime Minister Modi. It adds that she cited a World Bank report showing India’s poverty level had fallen to 2% by the end of FY23 from around 25%. The outlet also reports she mentioned a recently announced high-level committee on banking reforms for the Viksit Bharat vision.