"Our duty to provide next generation with better India" says FM Nirmala Sitharaman

NEW DELHI: Union Finance Minister Nirmala Sitharaman stated on Tuesday that the Narendra Modi-led government has undertaken several systemic reforms since the year 2014 and has set a goal of achieving next-generation reforms, including robust digital infrastructure, by the year 2047.

Addressing the FICCI Conclave on Viksit Bharat 2047, the Union Minister said that it was the government's duty to provide the next generation with a better India, and the third term of the Prime Minister Narendra Modi-led government will continue with its reforms. She called for support from India Inc. to align with the government's goal of building India as Viksit Bharat.

"It is our duty to provide the coming generation with a better India, a better India that gives opportunities for our youths so that they say 'everything lies here and I feel proud to be here'...rather than say 'I love it but I want to leave it to take care of my family'...Indian industry always aligned with national interest and kept growing even against the severe odds posed by the imperial colonial ruler" the Finance Minister said.

FICCI, India's leading apex industry federation, organised a one day national conclave on Viksit Bharat@2047 in the national capital with the theme: "Viksit Bharat & Industry". Speaking at the session, the Finance Minister laid emphasis on the development of a robust digital infrastructure to achieve developmental goals.

"The third term that Prime Minister Narendra Modi will come in will ensure that India reaches in the top three economies in the world. Reforms will touch all areas of factors of production like land, capital and digital infrastructure. No country can achieve developmental goals without digital infrastructure" the Finance Minister said.

"We are looking at expansion in artificial intelligence, space, and want to touch on levels of innovation with policy support. The policy support is also pushing for the warehousing needs in case of precious metals, semiconductors," Sitharaman said. The Finance Minister stressed industry support on achieving developmental goals saying that the government had undertaken several systemic reforms since 2014.

"I appreciate FICCI's efforts to bring the industry together to discuss matters crucial for building India as Viksit Bharat. In achieving this goal the role of industry is crucial. It's time for us to align with the goals of Viksit Bharat, and I'm confident that the industry will play its part" Sitharaman said.

"You 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'm sure industry will play its role in it" the Finance Minister added The Finance minister also highlighted the need for continued efforts to make further improvements in sectors that hold promise.

"India has immense scope in logistics, agricultural value addition, agricultural efficiency. India's fullest capacity is not explored in tourism across peninsular India. If Thailand can provide something than we can provide better. We have beaches, culture, temple, monuments. India's family is spending on vacations, destination wedding. We have immense potential in tourism, legislative push is needed in all these areas for India to become the third largest economy" Sitharaman said.

Earlier, speaking at the conclave past president FICCI Harsh Pati Singhania said "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."

The FICCI Conclave will have thematic sessions based around themes with participation from the Government of India's Ministers & Secretaries, leading global and Indian industry leaders, diplomats, academia, economists, thinktanks and other stakeholders.

The Conclave would provide a platform for stakeholders' suggestions and ideas to policy makers for transformational changes happening and needed for Viksit Bharat by 2047.