New Delhi: The government on Tuesday said that it was committed to continued reforms, maintaining macroeconomic stability and ensuring that growth benefits every section of the society.
Addressing the audience during a fireside chat on the ‘Opportunities and challenges for India’s quest to become a developed economy by 2047’, at India House, London, today, Union Minister for Finance and Corporate Affairs Nirmala Sitharaman said, “As we march toward Viksit Bharat@2047, our approach must be inclusive, sustainable, and innovation-driven, transforming challenges into opportunities for growth.”
In a post on social media “X”, Sitharaman’s official account, she said as India embarks on transformative reforms to achieve Viksit Bharat, strengthening governance structures and state capacity is non-negotiable. One of the most notable advancements has been the digitisation of public services, with initiatives like Direct Benefit Transfer streamlining subsidies, reducing leakages, and ensuring targeted welfare delivery.
The e-delivery of government services has also expanded across sectors, particularly finance, local government utilities and social welfare schemes. Going forward, partnerships with civil society, industry, and academia are crucial to ensuring policies remain citizen-centric and innovative.
The minister said that infrastructure development has been a cornerstone of India’s policy agenda over the past decade. The Union Government’s capital expenditure has been raised by 4.3 times from the 2017-18 to the 2025-26 budget. This significant increase has led to a qualitative transformation in India’s physical infrastructure.
The PM GatiShakti National Master Plan is strengthening multimodal connectivity, streamlining trade, and reducing logistics costs. As a result, India’s ranking in the World Bank’s Logistics Performance Index has risen from 54 in 2014 to 38 in 2023.
Also, the development of public digital infrastructure has been transformative. Over the last decade, initiatives such as UPI, Aadhaar, and the JAM Trinity have revolutionised financial inclusion, formalised the economy, and enhanced efficiency across sectors.
“The government is addressing concerns posed by challenges of the digital revolution through initiatives like Digital Saksharta Abhiyan (DISHA) for digital literacy, Data Protection Laws for privacy and security, and BharatNet for rural connectivity,” she said.
Over the past decade, India has surged ahead, climbing from being the tenth-largest economy to the fifth-largest in just five years. This transformation is a testament to our prudent macroeconomic policies, reforms, and the resilience of our people.
“As we aspire to become a Viksit Bharat by 2047—a developed nation by the centenary of our independence—the path ahead demands innovation, sustained investments, continued reforms and a firm commitment to inclusive growth. Our growth trajectory remains strong, underpinned by sound macroeconomic fundamentals and structural reforms implemented over the past decade,” Sitharaman said, adding the recent Union Budget 2025-26 has outlined a clear roadmap, focusing on key priorities, including agricultural productivity, rural development, inclusive growth, manufacturing, MSME support, employment generation, innovation, energy security, and export promotion.
