India Can Repay 94% of Its Foreign Debt in a Day, Says Fadnavis

Mumbai, June 13: Maharashtra Chief Minister Devendra Fadnavis on Friday asserted that India’s economic position remains strong and resilient, highlighting the country’s substantial foreign exchange reserves, sustained growth momentum and expanding digital economy as indicators of long-term financial stability.

Speaking at a press conference marking 12 years of the Narendra Modi-led government at the Centre, Fadnavis said India has undergone a remarkable transformation from a period when concerns were frequently raised about its external debt obligations to becoming one of the world’s strongest emerging economies.

Drawing a comparison with earlier decades, the chief minister noted that there was once widespread apprehension regarding the country’s ability to meet its foreign debt commitments. According to him, the situation today is vastly different, with India possessing sufficient financial strength and reserves to comfortably manage its external liabilities.

Fadnavis emphasized that the nation’s foreign exchange reserves have reached unprecedented levels, providing a significant cushion against global economic uncertainties. He said the reserve position is strong enough to finance imports for nearly 11 months, reflecting the robustness of the country’s external sector and enhancing investor confidence.

The chief minister also highlighted India’s growth trajectory, stating that the country continues to outperform major economies despite global economic challenges and repeated predictions of a slowdown. He said India has maintained its position among the fastest-growing economies in the world, demonstrating resilience amid geopolitical tensions, supply chain disruptions and market volatility.

Referring to recent economic indicators, Fadnavis said the country’s growth performance remains healthy and continues to attract global attention. He credited policy reforms, infrastructure expansion, digital innovation and improved governance for strengthening the foundations of the economy.

The Maharashtra chief minister further pointed out that India has emerged as the world’s fourth-largest economy and is steadily moving toward achieving the milestone of becoming a five trillion dollar economy. He said the country’s expanding economic footprint is enhancing its stature on the global stage and creating new opportunities for investment, trade and employment.

Highlighting the digital revolution underway in the country, Fadnavis said India has become a global benchmark in digital transactions. He noted that the Unified Payments Interface (UPI) has revolutionized the payments ecosystem by making transactions seamless, secure and accessible across the country.

According to him, the rapid adoption of digital payment platforms has not only improved financial inclusion but has also strengthened transparency and efficiency in the economy. The growing international acceptance of UPI by several countries further reflects India’s leadership in financial technology and digital innovation, he added.

Fadnavis said the country’s economic achievements are a result of sustained policy initiatives aimed at improving ease of doing business, strengthening infrastructure, encouraging entrepreneurship and promoting technological advancement.

He maintained that India’s strong macroeconomic indicators, rising foreign exchange reserves and growing digital ecosystem demonstrate the nation’s ability to navigate global challenges while sustaining high growth levels.

The chief minister expressed confidence that India will continue its upward economic journey and play an increasingly influential role in shaping the global economic landscape in the years ahead.