Nirmala Sitharaman Interim Budget PC

Sitharaman said India has moved towards becoming the fifth largest economy and is on its way to becoming the third largest global economy.

Finance Minister Nirmala Sitharaman on Tuesday expressed confidence that India Inc will align itself with the country’s developmental goals with the aim of making the country a developed nation or ‘Developed India’ by 2047, the 100th anniversary of independence.

Sitharaman said Prime Minister Narendra Modi has clearly indicated that the aim of achieving a developed India is to provide a better India to the coming generations.

Addressing the session ‘Developed India@2047: Developed India and Industry’ organized by FICCI, the Minister said that the role of industry is important in achieving the target by 2047.

“You were with India during the struggle for independence, you built industry and capacity despite colonial pressure… So Indian industry has always maintained that spirit and continued to move forward in the national interest despite terrible odds.

“I cannot see how they will be left out in this game of building a developed India by 2047. So it should be natural for India’s industry to align itself with India’s developmental interests, and ultimately industry is the first contributor Will be the first beneficiary…,” the minister said.

The Finance Minister also assured the industry that reforms will continue in the third term of the government led by Prime Minister Narendra Modi.

A new government will be formed after the general elections to be held in April-May and the BJP is confident that Prime Minister Modi will return to power with a larger majority.

Sitharaman said India has moved towards becoming the fifth largest economy and is on its way to becoming the third largest global economy.

Even after Covid, he stressed that the government has shown its commitment by increasing capital expenditure. With investment coming in, Indian industry can now definitely grow rapidly at the global level.

The Finance Minister said that now the time has come for Indian industry also to raise capital.

He said that the government has made many reforms during the last 10 years and this trend will continue.

He said the reforms to be undertaken by the next Modi government will affect the factors of production.

The Minister further said today, without digital infrastructure, no country can move at the pace it wants to achieve the developmental goals for its citizens.

India has shown how investing in building digital infrastructure at the grassroots level and building it up builds the ‘India Stack’, he said.

“…apart from the traditional factors of production like land, labour, capital and enterprise, I would place digital infrastructure as a key factor, without which we will not be able to move ahead and bridge the gap with those who We still have the aspiration to move forward,” the minister said.

Sitharaman also told the gathering that the government was focusing on areas like space and artificial intelligence (AI).

“We have emphasized that India should become a global hub for AI and we will set up centers of excellence for this,” he said, adding that a big leap has been made in the field of logistics.

Be it logistics, agricultural productivity or tourism, India has immense potential and the government is committed to its policy.

“This is why the Prime Minister is confident that in the third term we will be the third largest economy. This is because he wants to emphasize not only fiscal, but also legislative and other measures in these areas.” The minister said.

He said renewable energy has better prospects not only for solar or wind, but the government is also looking at renewing its commitments to hydroelectric energy, and said that in green hydrogen and green ammonia, there are big investments in India. Have been.

(Only the headline and image in this report may have been reworked by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

first published: 27 February 2024 | 3:58 pm First

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