Macroeconomic Stability Amid Global Uncertainty
New Delhi, Oct 20 — Secretary of the Department of Economic Affairs Anuradha Thakur stated on Tuesday that India’s economy remains resilient despite global uncertainties, citing a strong macroeconomic foundation as supporting sustained growth.
Thakur delivered her remarks during an address on "Financial Stability" at the Reserve Bank of India’s (RBI) SAMVAD 2026 seminar. She noted that India’s fiscal trajectory has been credible and its flexible inflation targeting has anchored inflationary expectations.
"India faces the present challenging global scenario from a position of macroeconomic stability," Thakur said, according to the finance ministry official.
The event brought together Central Bank Governors, senior policymakers, international organization representatives, and experts to discuss challenges facing the global financial system. RBI Governor Sanjay Malhotra inaugurated the two-day SAMVAD 2026 seminar on Monday with a welcome address, while Union Finance and Corporate Affairs Minister Nirmala Sitharaman delivered the keynote address.
Shifting Policy Lenses and Systemic Risks
Setting the context for the panel discussion, RBI Deputy Governor Poonam Gupta noted that financial stability has emerged as a policy objective in its own right. She explained that the policy lens has moved from individual institutions to the system as a whole, covering not only banks but also non-banks.
Panellists at the event included Ajay Seth, Chairman of the Insurance Regulatory and Development Authority of India (IRDAI); Yangchen Tshogyel, Governor of the Royal Monetary Authority of Bhutan; Athanasios Vamvakidis from the International Monetary Fund (IMF); and Paul Jackson from Invesco.
The group warned that crises are now coming quicker and are more intense. They cautioned against forgetting lessons from past crises regarding the ill effects of financial reengineering.
Panellists stated that risks from climate change, the increasing role of non-bank financial intermediaries and fintechs, and the current non-collaborative phase of geopolitics must be factored into current strategies. They added that gaps in data sharing and concerns regarding the increasing use of AI agents should be addressed to build resilience in the balance sheets of banks, corporates, and households.
Global Perspectives on Financial Resilience
The seminar served as a critical platform for high-level dialogue, drawing participants from across the global financial architecture. The gathering included representatives from international organizations alongside domestic regulators, reflecting the interconnected nature of modern economic challenges.
Athanasios Vamvakidis, representing the IMF, joined other international voices in highlighting the urgency of adapting to rapid systemic changes. His participation underscored the global interest in India’s approach to maintaining stability amidst volatile external conditions.
Paul Jackson of Invesco contributed investment perspectives to the discourse, emphasizing the practical implications of these macroeconomic trends for capital markets and long-term planning.
The presence of Yangchen Tshogyel from the Royal Monetary Authority of Bhutan illustrated the regional significance of the event, bringing cross-border regulatory insights to the forefront of the discussion on financial safety nets.
Ajay Seth, as Chairman of IRDAI, provided specific regulatory context regarding the insurance sector’s role in broader financial stability, aligning with the deputy governor’s comments on the expanding scope of oversight beyond traditional banking.
The collective input from these diverse stakeholders reinforced the central theme that resilience requires a multifaceted approach, addressing not just immediate economic indicators but also structural vulnerabilities in data infrastructure and technological adoption.