‘Third-largest economy’ in ‘3rd term’: FM spells out Modi govt’s economic goal

Union Finance Minister Nirmala Sitharaman, addressing the FICCI (Federation of Indian Chambers of Commerce & Industry) National Conclave on 'Viksit Bharat @ 2047' today, said Prime Minister Narendra Modi is confident of achieving the 2047 target of “Viksit Bharat” or “Developed India” and to make India the third-largest economy in the “third term” of the Modi government.

The General Elections in the country will be held in the next three months. The FM says the PM is confident because of the push he gives on not just the fiscal front, but legislative and other measures as well.

"The PM's clear indication is that the goal of Viksit Bharat is to be attained to provide the future generations with a “better India”....which provides opportunities for our youth and they feel proud to be here and contribute to it further. It's in a way our duty to provide the future generations a better country of which all of us can be proud."

She says there are some areas in which the government is focussing a lot, like space, artificial intelligence (AI), etc. "India should become a global hub for AI and we will set up centres of excellence for the same."

According to the FM, everyone must provide the coming generation with a "better India", which gives opportunities to youths. "Indian industry always aligned with national interest and kept growing even against the severe odds posed by the imperial colonial ruler..."

Industry's role, says the FM, is critical in achieving "Viksit Bharat" by 2047. Exhorting the industry, she says: "You were with India during the freedom struggle, you built industry and capacity despite the colonial pressure. It is time for us to have economic independence with the goal of Viksit Bharat."

She says without digital infrastructure, no country can move at the pace at which it wants to achieve developmental goals for its citizens. India has shown how making investments in creating the digital infrastructure at the bottom, and scaling it up, led to the creation of the ‘India Stack’.

During G20, she says, countries appreciated what India did in terms of spreading the Digital Public Infrastructure (DPI). "(They) want to replicate such an experience, for their own countries, because they see the virtue of having digital infrastructure."

That’s why, she says, other than the traditional factors of production like land, labour, capital and enterprise, digital infrastructure should be an important factor.

She says a great leap forward has been made in logistics, with the PM Gati Shakti programme. "Whether it's logistics, agriculture productivity or tourism, we have immense potential and the government is committed to its policy. Apart from the agricultural warehousing, we are offering support on policy, legislative, investment front and bringing people together for the larger warehousing sector."

Renewable energy, she says, has better prospects for not just solar or wind, but the government is also looking at renewing commitments to hydroelectric power. In green hydrogen and green ammonia, big investments are happening in India, she says, adding that the Indian industry can now surely move forward with great speed globally as investments are “coming in”. It is time for the “Indian industry to also capitalise."