Govt Focusing on Infra, Investment, Innovation, Inclusiveness to Make India Developed Nation by 2047: FM Sitharaman

• ByStartupStory     |    July 30, 2023

During a recent event organized by the Confederation of Indian Industry (CII), Finance Minister Nirmala Sitharaman emphasized the government’s commitment to making India a developed nation by 2047 through four key pillars—infrastructure, investment, innovation, and inclusiveness. The Finance Minister expressed confidence in India’s potential to achieve the ambitious goal set by Prime Minister Narendra Modi.

Highlighting the significance of infrastructure development, Sitharaman emphasized that public expenditure for infrastructure building has witnessed significant growth over the past few years, and it is expected to reach Rs 10 lakh crore in 2023-24. The scope of infrastructure development extends beyond traditional areas like bridges, roads, ports, and airports, as the government also prioritizes the creation of digital infrastructure.

The Finance Minister underscored the importance of investment to promote greater participation from both the public and private sectors. The government is actively seeking ways to encourage public and private investments, including exploring blended finance opportunities through global discussions.

Addressing the role of India’s young and vibrant population, Sitharaman highlighted the importance of skilling the youth to meet the demands of the economy. The government aims to tap into the potential of frontier technologies, as well as find solutions for persisting legacy issues, by empowering the country’s youth.

In her remarks on inclusiveness, the Finance Minister stressed the need to ensure that every section of Indian society benefits from government initiatives and reforms. By taking schemes and investment to the people, the government aims to uplift the common man and foster inclusive growth.

During India’s presidency at the G20, the Finance Minister shared the group’s focus on contemporary issues such as post-pandemic challenges and revival plans. The agenda includes strengthening Multilateral Development Banks (MDBs) to effectively address 21st-century challenges and finding solutions for debt-related distress.

Regarding cryptocurrencies, Sitharaman stated that India is carefully evaluating regulations in this technology-driven space. The Finance Minister called for a collective approach among countries to establish a common regulatory framework for crypto assets.

India’s ongoing efforts in digital public infrastructure were also highlighted, with the India stack expanding across crucial sectors like health, education, and climate management. The agenda of ‘Cities for Tomorrow’ continues to be a priority, as the country looks to build resilient infrastructure for future cities.

The G20 is anticipating the release of Volume 2 of the Expert Group’s report on strengthening MDBs, focusing on financial capacity, funding modalities, poverty alleviation, and shared prosperity. The government remains dedicated to constructive cooperation with international partners to achieve sustainable and inclusive economic growth.

With a clear vision and a multifaceted approach, the Indian government aims to drive economic progress, promote innovation, and foster an inclusive society, laying the foundation for India’s transformation into a developed nation by 2047.

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