00:00There is another data, sir, the IMF has started in April 2026, which is the third or fourth place we
00:10are holding in the global economy.
00:14We have slipped from this small number.
00:17The country, if we look at the drop of two steps, we are still looking at the 6th position.
00:23If India comes to the 6th position, do you want to say that?
00:24See, rankings are headlines. I mean, these are nothing to do with the fundamentals of the economy, right?
00:34So, the economy works on fundamentals.
00:37So, IMF's nominal GDP ranking has a lot of influence on the exchange rate.
00:43Now, the dollar is strong and the rupee is weak due to a dual factor, right?
00:49First, because the dollar is stronger due to their own monetary policy decisions and due to our higher dependence on
00:57oil input, right?
01:00So, this has led to a slip in the ranking.
01:04And the ranking of many countries is weak.
01:10So, if our real economy is strong, we are not kind of concerned about it.
01:20And Indian fundamentals remain strong.
01:22We are the fastest growing major economy in the world with rising investments, improving fiscal discipline, and expanding manufacturing and
01:30services export.
01:31So, there is nothing to worry about these rankings.
01:35These are just headlines.
01:36We should worry only if growth slows sharply.
01:39I mean, if the real growth slows sharply or the macro stability weakens.
01:45And at this point in time, this is not the case.
01:48So, there is nothing to worry about on that.
01:50Okay.
01:52So, if we don't worry about this, we should worry about it.
01:56We should worry about it.
01:58We should worry about it.
01:58China has now two important bilateral meetings.
02:01One is Donald Trump and the other is Russia's president.
02:07Putin and the other is Russia's president.
02:10Meghan is now three important groups.
02:11There is no solution.
02:11And in the emerging markets we realized, China has been coming.
02:15And it's the most significant benefit.
02:18On the other side, China has been getting better.
02:18But China has been doing deal with the US and Russia and is creating trade.
02:23From different kinds of matters to deal with the deals.
02:26Then, how do we worry about it?
02:29Why do we worry about it here?
02:40So it's no longer about choosing one block over another. It's about working issue by issue with different partners. So
02:50China is building its strategic space across trade, technology, security.
02:58And our strength is that we can work with the US, Europe, Russia, Global South, depending on the issue. And
03:07the best part is that very few countries in the world have this kind of flexibility.
03:12So the risk comes when China's alignment influences our security and supply chain, or influences it. So I think that's
03:25why India is focusing on defense capability, technology partnerships, supply chain diversification.
03:31So the broader picture is that India's credibility and stability gives us a seat at every major table in the
03:39world. And this China kind of China's alignment with both US and Russia at this point in time is not
03:49a major concern.
03:49But this is something which needs to be closely watched, tracked, and then accordingly we need to act. But at
04:00this point in time, I don't see any major challenge for India.
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