Union Finance Minister Nirmala Sitharaman addresses the Federation of Indian Chambers of Commerce and Industry (FICCI) National Conclave on ‘Viksit Bharat@2047’, in New Delhi on February 27, 2024.
| Photo Credit: ANI
Finance Minister Nirmala Sitharaman on February 27 exuded confidence that India Inc will align itself to the developmental goals of the nation with an goal of making the nation a developed nation or ‘Viksit Bharat’ by 2047 on the one centesimal anniversary of independence.
Ms. Sitharaman mentioned Prime Minister Narendra Modi has clearly indicated that the objective of Viksit Bharat is to be attained to present the longer term generations a greater India.
Addressing a session on ‘Viksit Bharat @ 2047: Viksit Bharat & business’, organised by FICCI, the minister mentioned that business’s position is vital in reaching the objective by 2047.
“You were with India during the freedom struggle, you built industry and capacity despite the colonial pressure…So Indian industry has always kept that spirit up and against terrible odds kept moving along on national interest.
“I am unable to see how they are going to be overlooked on this recreation of constructing a developed India by 2047. So it ought to be pure to India’s business to align itself with India’s developmental pursuits, and in spite of everything business would be the first contributor as a lot as the primary beneficiary…,” the Minister said.
The Finance Miniter also assured the industry that reforms will continue in the third term of the Prime Minister Narendra Modi-led government.
The new government will be formed after the general elections due in April-May and the BJP is confident that Prime Minister Modi will return to power with a greater majority.
Ms. Sitharaman said that India has moved up to become the fifth largest economy and is on the way to become the third largest global economy.
Even after Covid, she emphasised that the government showed its commitment by ramping up capital expenditure. Indian industry can now surely move forward with a great speed globally as investments are coming in.
It is time for the Indian industry to also capitalise, the finance minister said.
She said that several reforms were undertaken by the government during the last 10 years and the trend will continue.
She said that the reforms to be undertaken by the next Modi government will touch on factors of production.
The Minister further said today, without digital infrastructure, no country can move at a pace at which it wants to achieve developmental goals for its own citizens.
India, she said, has shown how making investment in creating the digital infrastructure at the bottom, and scaling it up, led to creation of ‘India Stack’.
“…apart from the standard components of manufacturing like land, labour, capital and the enterprise, I might put digital infrastructure as an necessary issue, with out which we won’t be able to scale up and bridge the hole with those that are nonetheless aspiring to transfer ahead,” the Minister said.
Ms. Sitharaman also told the gathering that the government is focussing on areas like space and artificial intelligence (AI).
“We have emphasised that India ought to grow to be a world hub for AI and we’ll arrange centres of excellence for a similar,” she said, adding, a great leap forward has been made in logistics.
Whether it is logistics, agriculture productivity or tourism, India has immense potential and government is committed to its policy.
“That is why the prime minister is confident that within the third time period we would be the third largest financial system. It’s as a result of of the push which he likes to give in these areas, not simply fiscal, however legislative and different measures as nicely,” the Minister mentioned.
Renewable power has higher prospects for not simply photo voltaic or wind, however the authorities can be renewing its commitments to hydroelectric energy, she mentioned, and added that in inexperienced hydrogen and inexperienced ammonia, huge investments are occurring in India.
