Overview

• Nageswaran said India is not part of any initiative to create a substitute for the US dollar.
• He reported real GDP grew 7.8% in Q1 FY26, with July–August indicators pointing to continued momentum in Q2.
• He estimated that US tariffs together with recent GST changes will cut FY26 growth by about 20–30 basis points, keeping projections in the 6.3–6.8% range.
• He credited the economy’s resilience to a decade of reforms including the Insolvency and Bankruptcy Code, GST, RERA, public sector bank consolidation, and major infrastructure upgrades.
• He highlighted a recent sovereign rating upgrade, a fall in 10‑year yields to roughly 6.4%, progress toward a 4.4% fiscal‑deficit target, and GST simplification expected to release about ₹50,000 crore into the economy.