- Finance Minister Nirmala Sitharaman highlights policy reforms to fuel India’s economic ascent
- Emphasized on focus on industrial growth, SME support, infrastructure, and inclusive policies
- Praised the U.S. for fostering a robust start-up ecosystem
Finance Minister Nirmala Sitharaman articulated a clear vision for India’s growth, emphasizing the role of decisive reforms and strong institutional support. Speaking at Stanford University, she highlighted India’s future prosperity depends on bold structural reforms, capacity-building across sectors, and forging strategic partnerships that align with the dynamics of the global industry.
The administration’s initiatives-ranging from manufacturing scale-up and infrastructure investment to SME enablement and gender inclusion-are sitting the stage for India’s transition to a developed nation by 2047.
During her address, the Finance Minister underscored India’s focused approach to strengthening its manufacturing sector, pointing to a sharp rise in capital oytlay, as a key enabler of economic expansion, quadrupling since FY 2017-18. She further acknowledged the U.S.’s impressive ecosystem in nurturing start-ups as a model of entrepreneurial strength. She also pointed out the rise of Global Capability Centres (GCCs) in India, with over 65% tied to U.S.
"Our experience with implementing the Business Reform Action Plan by different state governments has demonstrated that deregulation is a powerful catalyst for industrial growth," Nirmala said. "DPI also was useful in administering vaccines during Covid-19 pandemic. In my interactions with the G20, the World Bank or the IMF, this singular population-scale achievement of India is repeatedly lauded," she added.
To foster gender-inclusion she highlighted initiatives such as extended maternity leave, incentivized saving through elevated deposit interest rates for women, tax relief on female-owned properties, and material nutrition programs under the Poshan Scheme, all aimed at strengthening women’s role in the economy.
According to a report referenced by FM Nirmala, Indian-Origin entrepreneurs established 72 unicorns between 2018-2023, amassing a valuation of USD 195 billion and supporting 55,000 jobs globally. Highlighting the Indian government’s development strides, FM Nirmala credited the country’s reform-focused agenda for fostering a more business-friendly environment. India’s ability to maintain momentum amid global disruptions is a testament to its robust economic foundation and policy clarity.
