FM Asks Corporates To 'Join In A Big Way' To Push Up India's Growth Trajectory
Date
2/27/2024 2:01:45 PM
(MENAFN- Live Mint) "Finance Minister Nirmala Sitharaman on Tuesday asked Indian corporates to“join in a big way” to push up India's growth trajectory, especially at a time when the country is aiming to become a developed nation by 2047 at the FICCI's National Conclave on 'Viksit Bharat @ 2047: Viksit Bharat and Industry', Sitharaman said it is time for the Indian industry to look for greater joint ventures around the world in technology and other sectors, even as more foreign investments come into the country.\"If global investments are coming in, that's because they see prospects here,\" she added government has stepped up its capex budget in recent years to try and improve India's creaking infrastructure, create jobs and accelerate economic growth Centr's capital expenditure on infrastructure projects was raised to ₹11.11 trillion for the financial year starting 1 April 2024, private investments, although increasing, haven't taken off in a big way yet of the key reasons for this are high interest rates, excess capacity in some sectors, impending elections and low consumer demand in rural areas said if the government is voted to power for its third term in the upcoming general elections, the Indian economy will rank among the top three global economies.\"Since 2014, we have lifted the Indian economy from the 10th place where it was, to fifth place, where is it today. The PM will ensure India will be lifted to the third place during his third term,\" Sitharaman said.\"Thereafter, we will have to do a lot of things to reach the top, and next-generation reforms will be on top of the agenda,\" she added 2014, various steps have been taken to improve the ease of doing business in terms of due diligence, compliances, and ease of living, and the trend is going to continue, Sitharaman said next generation of reforms will spur inclusive growth, with a push on digital infrastructure, space, artificial intelligence, logistics, tourism and agricultural value addition for better productivity and efficiency, she added things stand, India's economy is performing well, with risks evenly balanced, to achieve 7% growth in FY25, but geopolitical tensions and geo-economic fragmentation pose a risk to growth Reserve Bank of India has projected a real GDP growth of 7% for FY25, up from its previous forecast of 6.6%, which would make India the fastest-growing major economy.
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