India Can Repay 94% Of Foreign Debt in a Single Day, Says Fadnavis

New Delhi, Jun 13 (KNN) Maharashtra Chief Minister Devendra Fadnavis on Friday brushed aside concerns over an economic slowdown, saying India has the capacity to repay 94 per cent of its foreign debt in a single day if required.

Addressing a press conference to mark Prime Minister Modi's 12 years in office, Fadnavis said, "There was a period when people used to say that unless the IMF and World Bank came to India's rescue, the country would collapse because it did not have enough money to repay its foreign debt," as quoted by PTI.

Contrasting this with the present, he noted, “Today, if required, India has the capacity to repay 94 per cent of its foreign debt in a single day.”

He added that foreign exchange reserves now cover nearly 11 months of imports, up from periods when they fell short of even one month’s cover, and pegged current reserves at around Rs 66 lakh crore.

Fadnavis highlighted that India continues to post the world's highest growth rate despite repeated predictions of a recession. He pointed to GDP growth of 7.8 per cent in the January-March quarter and 7.7 per cent for the full FY26 year, calling India the fastest-growing major economy.

"People kept talking about recession, recession, recession. But the economic growth rate in the current year is the highest in the world. India remains the fastest-developing economy," the Chief Minister said.

He added that India has become the world's fourth-largest economy, having crossed the USD 4.5 trillion mark and moving toward a USD 5 trillion target.

Fadnavis also highlighted India's digital payments ecosystem, noting that annual digital transactions have reached Rs 314 lakh crore, with the Unified Payments Interface (UPI) now adopted by nearly 30 countries.

(KNN Bureau)