India’s growth set to be transformational in PM Narendra Modi’s third term: Sitharaman
Narendra Modi government's third term will see transformative reforms in sectors such as space, AI, agriculture and tourism, Nirmala Sitharaman said
The third-term of the Narendra Modi government will see transformative reforms in sectors such as digital infrastructure, space, artificial intelligence, specialised warehousing, agriculture and tourism, Union finance minister Nirmala Sitharaman said on Tuesday, asking the domestic industry to become part of India’s transformation into the world’s third largest economy without wasting time.
The reason why Prime Minister is confident that the India will become the third largest economy in his third-term because of the “push he likes to give in these areas” and the government’s impetus is not just limited to “fiscal push”, but also on “legislative and other” reforms, she said at Ficci’s national conclave on ‘Viksit Bharat @2047’ in New Delhi. India, one of the fastest growing major economies, is the world’s fifth largest economy after the US, China, Japan and Germany in that order.
Sitharaman said the government’s policy reforms and massive public expenditure push – that continued even after the Covid-19 pandemic -- have made India an attractive investment destination and the industry should “grab” this opportunity. The government continued its capital expenditure push for the fourth consecutive financial year with 11.1% year-on-year jump in FY25 to ₹11.11 lakh crore, 3.4% of the gross domestic product (GDP).
FM told the industry that the massive capex push has resulted into huge multiplier impact on the economic growth, creating investment opportunities. “Are we looking at those areas for investments? I would appeal to the industry… (it) can now surely move forward with great speed. If global investments are coming in, they are coming in because they see prospects here. You are in this country… I think, it is time for Indian industry also to join in this game in a big way,” she said.
She advised the industry to forge partnership with prospective global investors, if necessary for technology or any other reason. “Look for joint venture partners around the world for whom India is attractive,” she said.
Sitharaman told the industry to take bold steps and not to miss opportunities by incremental moves. “You don’t have the luxury of time. You’ve wasted nearly 60 years by moving in incremental pace,” she said referring to the economic growth during previous governments. “Country’s goal has to be achieved through speeding up on scale and getting to the destination in due time,” she added.
The finance minister suggested them to think big and think comprehensively instead of going for incremental short-term gains citing example of the Modi government. She said the government is functioning on the principle of “systems thinking” that helped it to overcome many of country’s legacy problems and deliver efficiently. System thinking is an approach to address an issue holistically and comprehensively.
Speaking at the event, Union information and broadcasting minister Anurag Singh Thakur said the policies of Narendra Modi government and their implementation have raised India’s stature globally. Talking about the pledge of ‘Viksit Bharat’ by 2024, said he nothing is impossible. He asked Indian industry leaders to forge alliances globally from India’s position of strength. “People are willing to invest in India,” he said giving credit to the government for ease of doing business by reducing,000 compliances.