The next generation reforms will be at the top of the government's agenda, touching on all factors of production, including digital infrastructure, without which no country can achieve development goals at a desirable pace, Finance Minister Nirmala Sitharaman said on Tuesday.
Speaking at the National Conclave on Viksit Bharat 2047 organised by the Federation of Indian Chambers of Commerce and Industry (FICCI), Sitharaman stated, “The reforms will touch on all factors of production - be it land, labour, or capital. I'll also add one, which may not fit into the traditional definition of what factors of production are, and that is digital infrastructure.”
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The Finance Minister's remarks come a day after she met with start-up and fintech ecosystem stakeholders to address their concerns and encourage them to continue to innovate, while keeping a close watch on regulatory norms.
Sitharaman remarked that India has shown how public investment in creating digital infrastructure at the base and scaling it up has given the country the proverbial India stack, building it up brick by brick.
“Some countries may have a few of the bricks but may not have the others.”
The Finance Minister said that during the G20, countries expressed their appreciation of what India has done in terms of spreading digital public infrastructure and its virtue in scaling up development goals. “This is your modern day factor of production, without which you're not going to be able to scale up and bridge the gap between those who are still aspiring to develop and move forward,” she said.
Pushing the industry to ramp up investment, Sitharaman stated that they should move forward with great speed if global investments are coming in and look for greater joint venture partners around the world. “They're coming in because they see prospects here. It is time for Indian industry also to join in this game in a big way,” Sitharaman added.
The government is also looking at investment and innovation in artificial intelligence, policy support for expanding in the space sector, semiconductor, precious metals, and their warehousing as well. Sitharaman mentioned that among other areas, the government is also going to ramp up investment in the logistics sector, which has immense untapped potential, along with tourism.
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“The reason why the Prime Minister is confident that the third term is going to ensure India reaches the level of the third largest economy is because of the push in these areas. Not just fiscal push, but legislative and other pushes as well,” Sitharaman said.