FM Sitharaman asks India Inc to align with goal of 'Viksit Bharat' by 2047

FM Sitharaman asks India Inc to align with goal of ‘Viksit Bharat’ by 2047

Finance Minister Nirmala Sitharaman highlighted the need for increased private capital expenditure and urged the corporate sector to participate more in the country’s economic growth. She urged India Inc to align itself with the goal of ‘Viksit Bharat’ by 2047, which is when India will complete 100 years of independence.

While addressing the FICCI’s National Conclave on ‘Viksit Bharat @ 2047: Viksit Bharat & Industry’, Sitharaman stated that global investors have faith in India and see potential here. She encouraged the Indian industry to seek more joint venture partnerships worldwide and stressed on the continuation of reforms affecting all production factors, including digital infrastructure.

Sitharaman assured the industry that reforms will continue in the third term of 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. The minister 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 finance minister also acknowledged the Indian industry’s role, stating that it has always aligned with national interest. She also emphasized that the industry will be the primary contributor and beneficiary of a developed India.

The Reserve Bank of India also mentioned in its February bulletin that a new round of corporate sector capital expenditure will likely stimulate the next growth phase. RBI Governor Shaktikanta Das stated that the investment cycle in India is gathering momentum due to sustained government capex, rising capacity utilisation, increased resource flow to the commercial sector, and policy support from schemes like the production linked incentive (PLI) scheme.

Nirmala 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.

(With PTI inputs)

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