Finance Minister Nirmala Sitharaman Highlights Domestic Consumption as Key to Economic Growth
Domestic consumption sustaining growth momentum, says FM Sitharaman
Business Standard
Image: Business Standard
Union Finance Minister Nirmala Sitharaman emphasized that domestic consumption is driving India's economic growth and called for predictable policy support to sustain this momentum. She also discussed the ongoing disinvestment of IDBI Bank and the importance of banks maintaining customer connections amid digital transformation.
- 01Domestic consumption is crucial for sustaining India's economic growth.
- 02Predictable policy support is necessary for continued GDP expansion.
- 03The disinvestment process of IDBI Bank will proceed as planned.
- 04Banks are encouraged to maintain physical customer interactions despite digital advancements.
- 05A committee is exploring the sale of third-party products by banks under an open architecture approach.
Advertisement
In-Article Ad
Union Finance Minister Nirmala Sitharaman stated that domestic consumption is vital for sustaining India's economic growth, which is currently the fastest in the world. Speaking at an event organized by the State Bank of India (SBI), she highlighted the importance of predictable policy support for continued GDP expansion. Sitharaman noted that while consumption drives growth, sectors such as manufacturing, agriculture, tourism, and IT also require consistent backing. She addressed the ongoing disinvestment of IDBI Bank, confirming that the process will continue. Additionally, she urged banks to enhance their physical engagement with customers amid the shift towards digital banking. A committee under the Indian Banks Association is reviewing the possibility of allowing banks to sell third-party products, aiming for an open architecture approach. Sitharaman also acknowledged the challenges faced by exporters due to the US tariffs but commended their adaptability in finding new markets. Lastly, she assured that the government is monitoring the impact of the Middle East crisis on affected sectors and emphasized the need for banks to remain connected with their customers.
Advertisement
In-Article Ad
The emphasis on domestic consumption and policy support could lead to improved economic conditions for local businesses and consumers, potentially stabilizing job markets and enhancing service availability.
Advertisement
In-Article Ad
Reader Poll
Do you believe that domestic consumption is crucial for India's economic growth?
Connecting to poll...
More about State Bank of India

SBI Reports Significant Rise in Cash Holdings Amid Increased Digital Transactions in FY26
Business Standard • Apr 24, 2026
Indian Finance Minister Calls for Enhanced Cybersecurity Measures Amid AI Threats
The Economic Times • Apr 24, 2026

Jammu and Kashmir High Court Orders SBI to Grant Pension to Disabled Daughter
The Indian Express • Apr 24, 2026
Read the original article
Visit the source for the complete story.


