Budget Is A Roadmap For 'Viksit Bharat' By 2047: PM Narendra Modi

(MENAFN- AsiaNet News)

Budget as a Roadmap for Viksit Bharat

Prime Minister Narendra Modi addressed a post-budget webinar on "Technology, Reforms and Finance for Viksit Bharat" today, characterising the national budget as a long-term policy roadmap rather than a short-term trading document.

The Prime Minister emphasised that every budget serves as a step toward the larger goal of "constructing a developed India by 2047." He noted that the budget decisions regarding infrastructure expansion, ease of doing business, and transparency in governance provide permanent strength to the national economy.

"The impact of the budget should also be based on strong parameters. Such policies that expand infrastructure, make the impact of credit easier, increase the ease of doing business, increase transparency in governance, make life easier for the people, create new opportunities for them, and in the budget, decisions related to this give permanent strength to the economy," PM Modi stated.

Riding the 'Reform Express' with Technology

The Prime Minister noted that the country is currently "riding on the Reform Express" due to conviction-driven reforms implemented over the last decade. He highlighted that the government simplified processes and expanded technology-led governance to improve resilience.

Focus on Delivery and Transparency

"To maintain this momentum, we have to focus not only on policy intent, but also on delivery excellence. The appreciation of reforms should not be based on announcements, but on their impact on the ground level. We have to use AI, blockchain and data analytics extensively to increase transparency, speed and accountability. We also have to continuously monitor the impact of the grievance redressal system," he said.

Massive Capex Boost to Spur Private Investment

The Prime Minister pointed out a significant shift in public capital expenditure. "Eleven years ago, the budget for the public capacity was about Rs 2 lakh crore. In the current budget, it has increased to almost Rs 12 lakh crore. Government investment on such a large scale is a clear message for the private sector. Friends, now is the time for industry and financial institutions to move forward with new energy."

PM Modi called for more innovation in financing models and stronger collaboration in emerging sectors. He suggested that "we have to strengthen the project sanction methodology and appraisal quality" to prevent waste and delays through rigorous cost-benefit analysis.

Reforming Financial Sector and Bond Markets

Discussing the financial sector, the Prime Minister detailed efforts to make the foreign investment framework more predictable and investor-friendly. He noted that steps are being taken to make bond markets more active to improve long-term finance.

"We are making the foreign investment framework easier. We are trying to make the system more predictable and investor-friendly. We are also taking steps to make the bond markets more active to improve long-term finance. The process of buying and selling bonds is being made easier. Friends, we have to see bond market reforms as the enablers of long-term growth. We will have to enrich predictability and deepen liquidity," PM Modi noted.

"We have to see bond market reforms as the enablers of long-term growth," he said, adding that "we will have to bring new instruments and make effective arrangements for risk" to attract sustained foreign capital.

Call for Swift Implementation and Partnership

PM Modi proposed the development of a "clear reform partnership charter" as a joint venture between the government, industry, financial institutions, and academia. He urged stakeholders to focus on the immediate implementation of the budget rather than further discussion of its contents.

"The purpose is to implement the budget in the earliest possible manner," the Prime Minister stated. "The purpose is not to discuss the budget. The purpose is to implement the budget in the earliest possible manner. The purpose is to implement the budget in the easiest way. And all stakeholders should benefit from this budget. They should be involved. If you keep this in mind, if you discuss it, then this webinar will really open the door to a vibrant economy," he said. (ANI)

(Except for the headline, this story has not been edited by Asianet Newsable English staff and is published from a syndicated feed.)

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