Indian efforts to grow in the next two decades depend on the new paradigm, powered by courageous reforms, increased domestic abilities and strategic institutional cooperation suitable for developing global landscapes, said Finance Minister Nirmala Sithaman on Monday (April 21, 2025).
The last two trade union budgets have laid the foundations for this transformation with a clear program of sectoral policies, she said while talking to the Hoover Institution at Stanford University in California.
Over the past decade, the government has stated that the government has carried out structural reforms, rationalized over 20,000 compliance with regulations, decriminated business laws and digitize public services to reduce friction.
She also said that a significant move on the development of infrastructure also created a strong foundation for growth in production by strengthening investors’ confidence over the past 10 years.
This was made possible by more than four times the Union’s capital expenditure in 2017–18 and the budget of 2025-26, she said.
“Our experience in conducting the action plan of business reforms by various government governments has shown that deregulation is a strong catalyst for industrial growth,” she said.
The Minister of Finance said he said that maintaining the growth momentum of India requires a new approach of bold reforms, an adaptive strategy in accordance with the changing global landscape.
“Over the next two decades, the maintenance of Indian growth momentum requires a new approach based on bold reforms, stronger domestic capacities, renewed institutional partnerships, and adaptive strategies suitable for developing global landscapes,” she said.
India has set the goal of the state with a developed nation until 2047, the year when the country will enter into the British government.
“If we put the foundation for developed India, we must remain determined by long -term goals without losing the current reality. The global order is changing. This represents challenges but also opportunities.
The Indian way to become “viksit bharat” by 2047 is not just aspiration, but a shared national mission driven by vision for inclusive, sustainable and innovative growth, she said.
Despite the pandemic shock and the bank crisis, she said, “Our progress in the last decade, anchored in strong macroeconomic foundations and constant reforms, gives us confidence and direction for the way forward.” As a result, she said India had risen from the tenth largest economy in the world to the fifth largest.
She said that the first generation Indian immigrants were established between 2018 and 2023 by the Indian and BCG reports, and these unicorns were established by 72 unicorns, and these unicorn was worth at least $ 195 billion and employed nearly $ 55,000.
More than 65 percent of the Global Center (GCC) in India has its headquarters in the US, said and added that these GCCs provide high -quality, custom services in areas such as research and development, management and audit advice.
Observing that the US is a mature starting center that has developed for more than 50-60 years, while the initial journey of India is nascent, said: “Over the last decade, the government has focused on reducing the cost of business risk by eliminating regulatory and infrastructure obstacles.”
Some of the work performed in India stands out, and one such examples are digital public infrastructure (DPI) and its success, she said.
Using DPI created more than a billion digital identities, said, adding that using these digital identities were created people’s bank accounts and during the Covid-19 pandemic they were transferred by the button by clicking on the button.
“DPI was also useful in the administration of vaccines during the Covid-19 pandemic. In my interactions with G20, World Bank or IMF, this unique success in the population in India is repeatedly praised,” she said.
When she talked about the move of the government of small and medium -sized enterprises, Mrs. Sithaman said, a pulsating and prosperous network of small and medium -sized enterprises is necessary for domestic production.
The Government has made a number of initiatives to support MSME, from mitigating access to the loan, redefining the size of the size, facilitating rapid payments from large buyers and simplifying compliance with regulations, she said.
“The open network for digital trade, launched in April 2022, has successfully boarded more than 764,000 suppliers in 616 cities.
“Our other focus is to reduce regulatory friction, digitization of approval and integration of MSME into global value chains. Special support for women led and rural enterprises will help increase economic opportunities and ensure more inclusive growth,” she said.
Regarding the encouragement and increasing the participation of women in the labor, Mrs. Itharaman said that maternity leave was increased to six months.
“Two years ago, we came up with a scheme in which we raised interest rates on women’s deposits to 7.5 %to encourage women to keep their savings in banks rather than keep them as cash at home, and added that registration of real estate in women’s name has tax concessions.
According to Poshan, the scheme said the nutritional needs of pregnant women and nursing mothers were met.
Within the PM Awas Yojana, the “Pucca” home is either carried out in the name of a woman or together with the name of a male member, she added.
Published – April 22 2025 01:07
