India can repay 94% foreign debt in a day: Fadnavis

Maharashtra Chief Minister Devendra Fadnavis has dismissed fears of an economic slowdown in India. He said the country has the capacity to repay 94% of its foreign debt in a single day. The statement was made at a press conference marking Prime Minister Narendra Modi 's 12 years in office. Fadnavis also highlighted India's strong GDP growth and its position as the world's fourth-largest economy. Economic strength Recalling India's past economic struggles Fadnavis recalled a time when people doubted India's ability to repay its foreign debt without the help of the IMF and World Bank . He 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." However, he asserted that today India can repay 94% of its foreign debt in one day if needed. Reserves coverage India's strong financial position Fadnavis also noted that unlike earlier times when India sometimes didn't have enough foreign exchange reserves to cover a month's imports, the country now has enough to finance imports for nearly 11 months. This statement highlights India's strong financial position and ability to handle external debts. Digital growth Digital transactions and economic growth Fadnavis also highlighted India's leadership in digital transactions, with annual digital payments reaching ₹314 lakh crore. He said the Unified Payments Interface (UPI) has been adopted by nearly 30 countries. "The world spoke of recession, but India's economy has continued to expand and remains the fastest-growing among major economies," he said.