Finance Minister Nirmala Sitharaman, speaking at the Kautilya Economic Conclave 2026, highlighted the economic shocks India has faced in recent years, including crude price spikes, tighter US monetary conditions, rising trade barriers and disruptions linked to conflicts involving Russia, Ukraine and Iran. She said India has come through the period with its fundamentals intact and strengthening, citing 7.8% real GDP growth in Q1 FY27, August CPI inflation of about 4.82%, a 0.5% current account deficit, multi-decade-low gross NPAs and foreign exchange reserves of around $766 billion.