New Delhi: Finance Minister Nirmala Sitharaman emphasized that the Indian government, led by Prime Minister Narendra Modi, is committed to transforming India into a developed nation by 2047. She outlined the government’s focus on four key areas, known as the “four Is” – infrastructure, investment, innovation, and inclusiveness.
Sitharaman expressed confidence in India’s ability to achieve the goal set by Prime Minister Narendra Modi. In addition to implementing several investor-friendly reforms, she highlighted India’s vibrant young population and the importance of equipping them with the necessary skills to meet the requirements of the economy.
Infrastructure
In order to achieve the development target for India, Sitharaman stated, “we are placing significant emphasis on infrastructure, the first ‘I.’ Over the past 3 to 5 years, there has been a consistent increase in public expenditure on infrastructure development, which is projected to reach Rs 10 lakh crore by 2023-24.”
Investment
According to Sitharaman, infrastructure development goes hand in hand with investment, the second ‘I.’ She emphasized the importance of promoting greater participation from both the public and private sectors. In addition to physical infrastructure such as bridges, roads, ports, and airports, the government is also prioritizing the creation of digital infrastructure.
She stated, “We are seeking both public and private investment and creating an enabling environment, or what we often refer to as an ecosystem, to attract private investment. We are also exploring discussions on blended finance in the global context.”
Innovation
Regarding the third ‘I,’ innovation, Sitharaman highlighted the government’s efforts to promote innovation in various sectors, including space, nuclear energy, and sustainable energy sources. She expressed confidence in the young generation’s ability to provide solutions to both frontier technologies and existing challenges in India.
Inclusiveness
Lastly, Sitharaman emphasized the fourth ‘I,’ inclusiveness. She stated, “As we strive to achieve developed nation status in 25 years, inclusiveness is crucial. We want to ensure that every section of Indian society, especially the common man, benefits from our investments and reforms. Our aim is to bring schemes and opportunities directly to the people.”
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Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.
