India’s Finance Minister Nirmala Sitharaman on Friday highlighted the government’s commitment to increasing state capital spending to support economic growth. Speaking at the Economic Conclave organized by the finance ministry, she said that India’s economy has remained resilient despite global challenges.
Domestic Economy Driving Growth
“With the steady share of consumption and investment in the overall GDP over the years, India’s growth is firmly anchored in its domestic factors, which minimises the impact of external shocks,” Sitharaman said. She emphasized that India’s economic stability comes from its internal strength rather than relying solely on global conditions.
Vision for Viksit Bharat by 2047
The Finance Minister also outlined India’s long-term goal of becoming Viksit Bharat by 2047. She said, “By 2047, becoming Viksit Bharat through self-reliance does not mean India wants to be a closed economy. We need to achieve 8% GDP growth to reach this goal.” Sitharaman noted that India must maintain “quiet confidence” while making and executing important economic decisions.
Global Challenges and Opportunities
She acknowledged that the global economic environment is volatile, saying, “The world is coming out of uncertainty, and the global order is shifting. The era that emerged after the Cold War and pushed for globalization seems to be ending. The rules of international engagement are being rewritten.”
Record Infrastructure Spending
As part of the federal budget, India plans to spend a record 11.21 trillion rupees ($126.3 billion) on infrastructure in the fiscal year ending March 2026. This is slightly higher than last year’s allocation and reflects the government’s focus on building strong foundations for future economic growth.
Conclusion
India’s economic strategy, led by Finance Minister Nirmala Sitharaman, focuses on boosting capital spending, strengthening the domestic economy, and navigating global uncertainties. With ambitious plans for infrastructure investment and a clear path toward Viksit Bharat, India aims to maintain steady growth and achieve long-term prosperity.
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