In her recent address, Finance Minister Nirmala Sitharaman shed light on the government’s four-fold focus infrastructure, investment, innovation, and inclusiveness to propel India into the ranks of developed nations by 2047, marking the 100th year of independence. As she emphasized, the country is well-equipped to achieve this ambitious goal, with investor friendly reforms and the leveraging of its young demographic profile expected to accelerate growth.
Infrastructure: A Cornerstone for Growth
Infrastructure, the first ‘I’ on the government’s agenda, takes center stage in their vision for a developed India. Over the past few years, substantial public expenditure has been dedicated to building critical infrastructure, and this commitment is set to reach an impressive Rs 10 trillion in the fiscal year 2023-24. This investment is essential for creating the foundation on which the nation’s progress will be built.
Investment: Fostering Collaboration for Progress
The second ‘I’ represents investment, and the Finance Minister stresses the importance of both public and private sectors working together to promote economic growth. While physical infrastructure like bridges, roads, ports, and airports remain vital, the focus also extends to the creation of digital infrastructure. The government is keen on fostering an environment conducive to attracting investments, and global discussions on blended finance are being actively pursued.
Innovation: Paving the Way for Future Technologies
With the third ‘I,’ innovation takes the spotlight. The government has actively opened up avenues to reduce reliance on fossil fuels and embrace cutting-edge technologies. The nation’s youth are instrumental in providing innovative solutions, not only for the emerging frontier technologies but also for addressing the longstanding challenges faced by India.
Inclusiveness: Ensuring Prosperity for All
Inclusiveness is the fourth ‘I,’ and it embodies the government’s commitment to ensuring that every segment of society, including the common man, benefits from investments, reforms, and various government schemes. This inclusive approach aims to bridge gaps and create a more equitable and prosperous India.
Collaboration with Japan: A Key Catalyst
Finance Minister Sitharaman also acknowledged the significant role played by Japan in India’s growth story. Japan has been a major investor in various transformative projects, such as metro rail and bullet trains. The Minister encouraged Japanese industries to explore new growth areas like green hydrogen, semiconductors, and AI. The collaboration between the two nations is driving India towards a future of global-class infrastructure.
Finance Minister Nirmala Sitharaman’s vision for India’s development by 2047 is underpinned by the four ‘I’s infrastructure, investment, innovation, and inclusiveness. By fostering collaboration, embracing innovation, and ensuring inclusivity, India is well-positioned to achieve its aspirations of becoming a developed nation.