Finance minister Nirmala Sitharaman on Friday said India’s economic growth was firmly anchored in its domestic factors, but cautioned that no room for complacency existed. Stating that the country’s rise as a “stabilising force” on the global stage is “neither accidental nor transient,” the minister in tacit reference to the United States said the “absolute dominance once enjoyed by a hegemon is now contested.”

Shifting global order and contested dominance

Speaking at the Kautilya Economic Conclave, Sitharaman said the foundations of global order were shifting, and “what the emerging countries are facing today are not a temporary disruption but a structural transformation.” Trade imbalances hollowed out industries in some nations, while they created overcapacity in others, she note

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