Globalization, open markets 'relic of past': Nirmala Sitharaman
Finance Minister Nirmala Sitharaman just called globalization and open markets "a relic of the past" at the Kautilya Economic Conclave 2025.
She highlighted how India's growth is now powered by its own consumption, investment, and steady reforms—even as global protectionism rises.
Despite trade challenges like US tariffs, India's economy still grew 7.8% in the first quarter of this year.
Self-reliance isn't isolation, says Sitharaman
Sitharaman explained that India's push for self-reliance isn't about cutting itself off—it's about staying engaged with the world on its own terms.
She pointed out that shifting alliances and new trade barriers are changing the global game, so India needs to keep adapting and influencing how things work internationally.
Call for reform in global institutions
The minister also called for updates to international institutions so they better reflect today's multipolar world and give developing countries more say.
With old rules breaking down and supply chains shifting, she urged proactive policies to keep India resilient—and help shape what comes next globally.