New Delhi, April 7 -- Finance Minister Nirmala Sitharaman on Monday said the global economy has transitioned from a phase of isolated shocks to one of 'permanent volatility', driven by geopolitical conflicts and economic disruptions.

Addressing the golden jubilee event of the National Institute of Public Finance and Policy (NIPFP) in New Delhi, she highlighted a series of global challenges-from the COVID-19 pandemic and the Russia-Ukraine war to ongoing tensions in West Asia and trade uncertainties linked to US policies.

She noted that the escalation in West Asia has evolved into a systemic global concern, impacting energy supply chains and contributing to a shifting multipolar world order.

Sitharaman flagged rising global debt as a ma...