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NEW DELHI: Union finance minister Nirmala Sitharaman on Thursday said that the recalibration of global trade policies poses serious challenges to the global economy. Her comments come in the wake of the sweeping tariffs imposed by US President Donald Trump which has sent jolts to the global stock markets.
Speaking at the 150th anniversary celebration of the Bombay Stock Exchange, Sitharaman said the world is becoming increasingly volatile and uncertain, and India must rely on policy agility and long-term vision to navigate the resulting disruptions.
Describing the ongoing shifts in global trade dynamics as “worrisome” and “very challenging,” she said that India remains confident due to its strong macroeconomic fundamentals and growing domestic strength.
“We recognize that the global landscape is changing and changing rapidly and the world is going through a phase of trade recalibrations and movements. I don’t need to talk in detail. The recalibration efforts on trade are very, very challenging,” the finance minister said.
“It is worrisome, but it is also going to be very challenging. The intensification of tariff wars and the rise of protectionist policies have the potential to disrupt global supply chains, increase production costs and create uncertainty in investment decisions,” Sitharaman added.
She stressed that the government’s approach to economic resilience is focused on boosting domestic efficiency and competitiveness.
Sitharaman also praised the growing maturity of India’s capital markets, underlined by the increasing dominance of domestic institutional investors.
“The world is looking towards us not just for our impressive growth trajectory or demographic strength, but for the example we can set as a nation that leads with integrity, inclusivity and innovation.”
“Domestic investors, particularly the institutional investors, have played an increasingly central role. In the last financial year, DIIs, the domestic institutional investors, recorded total inflows of 6.1 lakh crore,” she added.
During her address, Sitharaman called on corporates to prioritise transparency and shareholder value, and urged regulators to remain proactive in an era of constant change. She also highlighted the need for investor education, particularly through regional language programmes targeting first-time investors and underrepresented groups.
India’s stock markets have crossed the $5 trillion mark in capitalisation, making it the fifth-largest globally, Sitharaman said. Meanwhile, the number of large-cap companies with valuations above Rs 1 lakh crore has soared from just one in 2000 to 81 today.
“FY25 capitalization of India’s stock markets crossed 5 trillion US dollar market for the first time making it making India the fifth largest capital market globally. Over the past five years indices have delivered an impressive 131% dollar adjusted return the highest among global peers,” she said.
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