During a speech at the National Institute of Public Finance and Policy in New Delhi, Indian Finance Minister Nirmala Sitharaman expressed grave concerns regarding the ongoing US-Iran war, characterizing it as a 'systemic tremor' that threatens the global economic framework. She noted that the conflict has escalated beyond regional security issues, jeopardizing critical energy supply routes and altering geopolitical dynamics. Sitharaman pointed out that the global economy is facing 'permanent volatility', moving away from isolated shocks to a more unstable environment. She highlighted the significant disruptions caused by recent events, including the COVID-19 pandemic and the Russia-Ukraine war, which have led to trade fragmentation and downward revisions in growth forecasts. Additionally, she emphasized the alarming rise in global public debt, projected to exceed $106 trillion, with advanced economies facing limited fiscal space. In contrast, India maintains a relatively low debt-to-GDP ratio of 81%, with projections for further decline. The US-Iran conflict continues to escalate, with military actions intensifying, raising global concerns about further destabilization.