Invest, innovate to construct 'developed India by 2047': PM Modi's advice to industries

Prime Minister Narendra Modi.

• PM Modi urges industry to invest and innovate post-budget.
• High public capex aims to boost private sector participation.
• Focus on reforms, ease of doing business, and bond market growth.

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Prime Minister Narendra Modi on Friday asked the industry to come forward with investment and innovation, and exhorted financial institutions to help them with practical solutions and strengthen market confidence in a post-budget webinar on 'Technology, Reforms and Finance for Viksit Bharat.'

Calling the national budget a long-term policy roadmap instead of a short-term trading document, the PM said every budget serves as a step toward the larger goal of "constructing a developed India by 2047."

The Prime Minister noted that the country is currently "riding on the Reform Express" due to conviction-driven reforms implemented over the last decade. He highlighted how the government has increased public capex from Rs 2 lakh crore 11 years ago, to over Rs 12 lakh crore in the Union Budget 2026-27.

This high capex allocation is a signal to the private sector to come forward with new vigour, Modi said, adding that the industry should take advantage of all the 2026-27 Budget announcements.

"India Inc should come forward with fresh investment, innovation; financial institutions should help design practical solutions and improve market confidence," said the Prime Minister.

PM Modi said when government, industry and knowledge partners come together, "reforms translate into results", and "announcements on paper turn into achievements on the ground". He noted that the budget decisions regarding infrastructure expansion, ease of doing business, and transparency in governance provide permanent strength to the national economy.

PM Modi called for more innovation in financing models and stronger collaboration in emerging sectors. Discussing the financial sector, the Prime Minister detailed efforts to make foreign investment framework more predictable and investor-friendly.

"We are also taking steps to make the bond markets more active to improve long-term finance. The process of buying and selling bonds is being made easier... we have to see bond market reforms as the enablers of long-term growth. We will have to enrich predictability and deepen liquidity," noted PM Modi adding that new arrangements and effective arrangements have to be in place to attract sustained foreign capital.

The government has also simplified processes and made ease of doing business much simpler. PM Modi proposed the development of a "clear reform partnership charter" as a joint venture between the government, industry, financial institutions, and academia. He urged stakeholders to focus on the immediate implementation of the budget rather than further discussion of its contents.

"The purpose is to implement the budget in the earliest possible manner and in the easiest way. All stakeholders should benefit from this budget...this webinar will really open the door to a vibrant economy," he said.