Finance Minister Nirmala Sitharaman has announced an ambitious agenda prioritising next-generation reforms to propel India into a new era of growth and development for the Bharatiya Janata Party (BJP) government’s "third term". A new government will be formed after the general elections due in April-May, and the BJP is confident that the party will return to power for the third straight term with a greater majority.
The FM said the government’s strategy focuses on key sectors such as space, artificial intelligence (AI), logistics, and tourism.
Sitharaman, while addressing a session on ‘Viksit Bharat @ 2047: Viksit Bharat & industry,’ organised by the Federation of Indian Chambers of Commerce & Industry (FICCI), urged Indian Inc to align itself with the goal of ‘Viksit Bharat’ by 2047, when India will complete 100 years of independence.
Sitharaman emphasised the government’s commitment to reforms that would touch every aspect of production, including bolstering digital infrastructure. She announced substantial investments and policy support for the space and AI sectors, aiming to position India as a global leader in these fields.
The government also plans to promote the warehousing of precious metals and expand logistics capabilities. Sitharaman identified agricultural value addition and increased productivity as crucial areas of focus to transform the country’s agricultural landscape.
Tourism, another cornerstone of India’s economic potential, is ripe for development. Sitharaman expressed the government’s readiness to explore legislative measures to facilitate growth in this sector.
To underscore the government’s commitment, Sitharaman announced plans to ramp up capital expenditure, prioritising infrastructure development and economic growth. She appealed to the Indian industry to seize the opportunity and accelerate their participation in the nation’s economic transformation.
The finance minister also highlighted the potential for greater international collaboration, encouraging the exploration of joint ventures to enhance India’s global footprint.
Sitharaman said that India has moved up to become the fifth-largest economy and is on the way to becoming the third-largest global economy. The minister said that several reforms were undertaken by the government during the last 10 years, and the trend will continue.
