Finance and Corporate Affairs Minister Nirmala Sitharaman on Tuesday called upon India Inc to press the accelerator in seizing the opportunities thrown up by the Government’s capex-led growth strategy and help the country realise its goal of Viksit Bharat (developed nation status) by 2047.

“Government has been showing commitment by ramping up capital expenditure. I would appeal to industry standing on a FICCI platform…Indian industry can now surely move with great speed”, Sitharaman said at FICCI’s national conclave on Viksit Bharat 2047.

“We are at a juncture in India where it is all opportunities and it is for us to grab it”.

Sitharaman also asserted that the BJP Government, which is confident of returning to power, will in the third term usher in next generation reforms that would touch not only the well known factors of production such as land, labour and capital, but also digital infrastructure.

Noting that Digital infrastructure is modern day factor of production along with land, labour and capital, Sitharaman said that no country can achieve developmental goals without digital infrastructure.

In particular, she highlighted Space, Artificial Intelligence and warehousing as sectors where BJP government will in the third term go all out in terms of policy and legislative support.

Sitharaman highlighted there is huge global investments into India because they (foreign companies) see prospects here. “You are in this country and you are also probably looking at flow of investment capital. I think It is time for Indian industry to join in this game in a big way, look for technology and greater JV partners around the world for whom India is attractive”, she added. 

She also said that current government is functioning on the principles of “systems thinking” even as it is focused on bringing stable, steady and incremental increase in inclusivity in the country.

“Government as an organisation is thinking together and not in silos. That is why we are able to overcome many of our legacy problems and  deliver”, Sitharaman added.

Sitharaman also asserted that India will not lose on the sustainability race and every commitment given in Scotland would also be fulfilled. India is ramping up its renewable energy sector.

Finance Minister underlined that industry’s role is critical in realising the goal of Viksit Bharat 2047. “You were with India in its freedom fighting moments. You built your industry and capacity despite colonial pressures. It’s time for us to have economic independence with its goal of Viksit Bharat and industry should play its role”, Sitharaman said.

Anurag Thakur, Minister of Information & Broadcasting and Sports & Youth Affairs said that the Modi-led Government had over the last decade laid the foundation for strong economic progress and the country is on course to achieve developed nation status before 2047. 

FICCI President Anish Shah said that the Prime Minister Narendra Modi’s vision of achieving Viksit Bharat by 2047 is a very ambitious one, but eminently achievable given the momentum in industry. 

The government’s capex push has helped the economy to a strong footing and it is now up to the private sector to take it much further. “Private capex has grown slowly. It is time for us to accelerate that. India story is a very strong one”, he added.

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