Speaking at the Madras School of Economics, Gupta offered an upbeat assessment despite expensive oil and global conflicts. She expects growth above 7%, with strong incoming data suggesting the outcome could exceed the stated 6.7% estimate for this year. Looking further ahead, she described 7.5% as a baseline rather than the limit of India's ambitions.

Gupta attributed this resilience to government spending, a robust banking system and substantial reserves. India's spread of economic activities also helps cushion shocks affecting individual sectors. She cited the shift towards alternative oil suppliers when international supplies were disrupted as an example of that flexibility.

The financial sector, she said, has become more efficient alongside remaining sound. She also highlighted improvements in the quality of labour and capital, and productivity gains that allow greater output from existing resources. Inflation, in her assessment, has remained nearer to advanced-economy levels than to those of other developing countries.

India attracted $95 billion in foreign direct investment last year, and Gupta sees scope for annual inflows to reach $150 billion soon. She also suggested that the current account could move into balance within five to six years. Global oil costs and changing weather conditions remain factors the RBI will monitor.