India needs stable govt to achieve goal of 'Viksit Bharat' by 2047: FM

Finance Minister Nirmala Sitharaman on Monday underscored the need for a stable government to achieve the goal of becoming Viksit Bharat by 2047.

"Our Prime Minister has set a target that by 2047, we need to reach the destination of a developed India," she said while addressing students of GITAM University here.

"We have to make efforts, so the GDP grows, and the benefits reach to all. GDP growth doesn't happen automatically; efforts are required at micro and macro levels and on the ground," she said.

The image of the country is also important, along with the ranking of your GDP, she said, adding that all these factors matter, along with per capita income calculations.

 

"Unless the GDP is widened, we are not going to be able to meet the demands of the economy. We need investment, services to grow, educational institutions, and money for people to buy houses, start businesses," she added.
 

She also criticised former Finance Minister P Chidambaram for questioning the developmental pace of Indian economy under the leadership of Prime Minister Narendra Modi and for saying that it was arithmetic inevitability that India will become the third largest economy.

From cities to rural villages, UPI is transforming lives, she said, adding that poor, village women now prefer digital payments, disproving doubts about common people's capabilities raised by the former Finance Minister.

Sitharaman said the India economy, during the UPA regime, suffered a lot and languished as supposed to the NDA rule where it reached the top 5 and now is on the way to become the world's 3rd largest economy in the coming years.

So, to say that India will automatically become the third largest economy was nothing but undermining the efforts made by the Modi government for the nation, she said.

The Government of India has allocated nearly 100,000 lakh crore for Anusandhan Corpus and this investment aims to bolster India's research budget across various sectors, fostering inclusive growth in the nation, she added.