Business EconomyPosted at: Jun 14 2026 3:24PM


India continues to be world's fastest-growing major economy: Sitharaman

Delhi, Jun 14 (UNI) union Finance Minister Nirmala Sitharaman on Sunday said India continues to be the world's fastest-growing major economy, even as rising geopolitical tensions and higher energy prices pose fresh challenges to the global growth outlook.
While speaking at the BJP's Viksit Bharat event in Bengaluru, she highlighted India's economic resilience after the country posted stronger-than-expected growth numbers for the January-March quarter.
"India's economy expanded 7.7 per cent in FY26, up from 7.1 per cent in the previous financial year. GDP growth in the March quarter came in at 7.8 per cent, beating economists' expectations and matching the pace recorded in the preceding quarter," she said.
Speaking at the event, she said, "Karnataka has witnessed a significant expansion of welfare and financial inclusion initiatives, with more than 2 crore PM Jan Dhan accounts opened across the state, strengthening access to formal banking services. Under the MUDRA scheme, over Rs 3.4 lakh crore in loans have been disbursed, supporting small businesses and MSMEs, including key industrial clusters such as Peenya and Sirsi."
"Healthcare coverage has also expanded, with more than 1.9 crore Ayushman cards issued, providing beneficiaries with health insurance cover of up to Rs 5 lakh. Meanwhile, around 4 crore people in the state receive free foodgrains under the PM Garib Kalyan Anna Yojana, ensuring food security for vulnerable households," she added.
The agriculture sector has received continued support, with over 43 lakh farmers receiving direct income assistance under PM-KISAN. Additionally, 31.7 lakh Kisan Credit Cards have been issued, improving farmers’ access to institutional credit, the minister said.
Rural infrastructure has seen a boost through the Jal Jeevan Mission, with around 87 lakh rural households in Karnataka now having access to piped drinking water. The state has also recorded 41 lakh Ujjwala LPG connections, supporting cleaner cooking fuel adoption among households.
Social security coverage has expanded through multiple schemes, with 1.67 crore enrolments under PM Jeevan Jyoti Bima Yojana (PMJJBY), 2.60 crore enrolments under PM Suraksha Bima Yojana (PMSBY), and 49 lakh enrolments under Atal Pension Yojana.
"Over 12 crore household toilets, nearly 15.85 crore rural tap-water connections, 10.5 crore Ujjwala connections and free food grains for over 81 crore citizens show how welfare delivery is changing lives of crores of Indians on the ground," the minister highlighted.
"We're taking the approach of saturation governance, ensuring that development reaches the last person in the queue."
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