Govt will continue with nextgen economic reforms in 3rd term: Nirmala Sitharaman

The Narendra Modi-led government will continue with the next-generation economic reforms to make India the third largest economy in the world, Finance Minister Nirmala Sitharaman said on Tuesday.

“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,” Sitharaman said in her address at the national conclave on Viksit Bharat 2047 organised by apex business chamber FICCI.

The new government will be formed after the general elections due in April-May and the BJP is confident that Prime Minister Modi will return to power with a greater majority.

Sitharaman said that several reforms were undertaken by the government during the last 10 years and the trend will continue.

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.

She said the government was looking at expansion in artificial intelligence, space and extending policy support to give a big push to precious metals and semiconductors,” she said.

She exhorted the captains of industry to participate in a big way in the nation’s economic growth trajectory as “it is our duty to provide the future generations a better India”.

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.

Sitharaman said that global investors are trusting India as they see the prospects here. “You are here, you are watching the situation, watching the flow of investment capital,” she said.

“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.

Reiterating the goal set by Prime Minister Narendra Modi, to make India a developed nation by 2047, the finance minister said, “We should reach the destination”.