Role of Indian industry critical in achieving ‘Viksit Bharat’: Nirmala Sitharaman

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NEW DELHI, 27 February 2024: Ms Nirmala Sitharaman, Minister of Finance & Corporate Affairs, Govt of India today said that the role of Indian industry is critical in achieving the goal of Viksit Bharat by 2047. “You (Industry) were with India during the freedom struggle, you built industry and capacity despite the colonial pressure. It is time for us to have an economic independence with the goal of ‘Viksit Bharat’ and I am sure industry will play its role in it,” she added.


Addressing the national conclave ‘FICCI Viksit Bharat@2047’, the Finance Minister stated that the Hon’ble PM’s clear indication is that the goal of Viksit Bharat is to be attained to provide the future generations a better India. We should reach the destination of a developed India, i.e. Viksit Bharat by 2047, she emphasized.


Ms Sitharaman also stated that India has now become the fifth largest economy of the world and is on the path to become the third largest economy. She also assured the industry that the reforms undertaken by the government in the last few years will continue further.


The Finance Minister also stressed that there are certain sectors where the government will push more with new innovations, investments and policy reforms. These include EVs, Space, AI, warehousing, logistics, agriculture value addition and agriculture efficiencies, tourism, green hydrogen. “India’s logistics potential is just not even touched; we have immense scope in this,” she added.


Ms Sitharaman also highlighted on the potential of digital infrastructure which will play a key role in India achieving Viksit Bharat. Among other factors of production, the 21st century has come up with one more – digital infrastructure, she added.


The Finance Minister further stated that the government is showing its commitment by ramping up capital expenditure and urged the industry to expand and look for greater joint ventures around the world. “Indian industry can now surely move forward with great speed. We are at the juncture in India’s history where it is just all opportunities, and it is for us to grab it,” added Ms Sitharaman.


Mr Anurag Thakur, Minister of Information & Broadcasting and Sports & Youth Affairs, Govt of India said that the government has laid the foundation in the last 10 years and in next 25 years, we are going to achieve Viksit Bharat. “I am confident that with the industry leaders present here and the significant efforts they have been putting into their respective sectors, along with the substantial investments in manufacturing and the service sector, we are destined to become a Developed Nation before 2047. We won’t wait until 2047; we aim to achieve it much sooner,” he added.


Mr Thakur further stated that the world is looking at India and its technology, which has empowered not only the poor but also marginalized communities. “We have moved from being part of the Fragile Five economies to becoming the fifth-largest economy in the world,” he emphasized.


Dr Anish Shah, President, FICCI said that the focus on capital expenditure that the government has put in, where the multiplier effect is far greater, has helped the economy to get to a very strong footing. It is up to the private sector now to take it much further. “At FICCI on Inclusive growth this year we are focused on the four broad pillars of Make In India, Women-Led Development, Farm Prosperity, and Sustainability,” he added.


Mr Harsh Pati Singhania, Past President, FICCI and Vice Chairman & MD, JK Paper Ltd said that to achieve growth on a sustainable basis, India needs access to affordable funding. “While we have a rapidly developing and extensive financial ecosystem, there is a pressing need to broaden the range of products and services, creating avenues for accessing capital, especially for MSMEs. It is crucial to streamline contract enforcement and dispute resolution mechanisms,” he added.

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