India foreign debt repayment capacity cited as Fadnavis rejects slowdown concerns

Maharashtra Chief Minister Devendra Fadnavis on Friday rejected claims of an economic slowdown in India. Fadnavis said India’s financial position had strengthened in recent years. Fadnavis pointed to foreign debt capacity, foreign exchange reserves, and recent GDP figures. Fadnavis was speaking at a press conference marking Prime Minister Narendra Modis 12 years in office.

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Fadnavis recalled earlier periods when India faced doubts over external payments. Fadnavis said people once believed India needed help from global lenders. Fadnavis said such fears were linked to limited funds for debt repayment. Fadnavis also compared past reserve levels with the current position on import cover.

India foreign debt repayment capacity, says Fadnavis

Fadnavis said, "Today, if required, India has the capacity to repay 94 per cent of its foreign debt in a single day.\" Fadnavis said there was a time when India’s ability to repay foreign debt was questioned. Fadnavis said, \"There was a period when people used to say that unless the IMF and World Bank came to Indias rescue, the country would collapse because it did not have enough money to repay its foreign debt,\"

India foreign exchange reserves and imports cover

Fadnavis said India’s foreign exchange reserves were now far stronger than before. Fadnavis said the country earlier lacked reserves for even one month of imports. Fadnavis said India now had reserves sufficient for nearly 11 months. Fadnavis said reserves were around Rs 66 lakh crore, matching that import cover estimate.

India GDP growth and recession claims

Fadnavis said India kept posting the world’s highest growth rate despite recession forecasts. Fadnavis said, \"People kept talking about recession, recession, recession.\" Fadnavis added, \"But the economic growth rate in the current year is the highest in the world. India remains the fastest-developing economy,\" Fadnavis said those predicting a downturn were proven wrong by India’s performance.

Fadnavis cited recent national output figures to support the claim. India’s GDP grew 7.8 per cent in the January-March quarter. Fadnavis said the FY26 expansion was 7.7 per cent. Fadnavis said, \"People were saying there is a recession. But India still has the highest growth rate in the world and remains the fastest-growing economy,\"

India economy size and USD 5 trillion target

Fadnavis said India had become the world’s fourth-largest economy. Fadnavis said the economy crossed the USD 4.5 trillion mark. Fadnavis said this kept India on track for a USD 5 trillion economy. Fadnavis linked this position to sustained growth and stronger external buffers.

India digital payments and UPI adoption

Fadnavis said India had also moved ahead in digital transactions. Fadnavis said annual digital payments reached Rs 314 lakh crore. Fadnavis said the Unified Payments Interface UPI was adopted by nearly 30 countries. Fadnavis said, \"The world spoke of recession, but Indias economy has continued to expand and remains the fastest-growing among major economies,\"

Fadnavis said India’s growth, reserves, and digital payment scale showed resilience. Fadnavis argued these indicators challenged repeated recession warnings. Fadnavis said stronger reserves improved import cover and external confidence. Fadnavis also said the ability to repay most foreign debt quickly reflected improved economic capacity.

With inputs from PTI