Next-generation reforms, including digital infrastructure, will be on top of the agenda if the Narendra Modi-led government returns to power for the third term, Finance Minister Nirmala Sitharaman said on February 27.
“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 i.e. land, capital and digital infrastructure. No country can achieve developmental goals without digital infrastructure,” Sitharaman said. She was speaking at the national conclave on Viksit Bharat 2047 being organised by industry chamber FICCI.
India is now the fifth largest economy in the world and has outranked China as the fastest growing major economy.
Digital infrastructure is a modern day factor of production along with land, labour and capital. Public investment has created digital infrastructure at the bottom and has scaled it up, she said.
“We are looking at expansion in artificial intelligence, space, and want to touch on the levels of innovation with policy support. The policy support is also pushing for the warehousing needs in case of precious metals and semiconductors,” she said.
Several systemic reforms have been undertaken since 2014, Sitharaman said. "India has immense scope in logistics, agricultural value addition, agricultural efficiency. Big investments happening in green hydrogen. India’s fullest capacity is not explored in tourism across peninsular India. Legislative push is needed in all these areas for India to become the 3rd largest economy.”
The finance minister said that while the government is showing commitment by ramping up capital expenditure, it should be natural for the industry to align to India's interests and be the first contributor to its growth.
“The Indian industry should move forward with a great speed with great flow of capital coming in. The Indian industry should look for joint ventures globally for technology. I need to underline the industry’s role in having economic independence in Viksit Bharat @2047,” she said.
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