India Focused On Four 'I's To Become A Developed Country By 2047: Nirmala Sitharaman

Finance Minister Nirmala Sitharaman said the focus of the Indian government is on four Is, infrastructure, investment, innovation, and inclusiveness, to become a developed nation by 2047

The finance minister noted that focusing on honing the skills of India’s young population will prove fruitful for the economy

Speaking at an event organised by the Confederation of Indian Industry (CII) on Saturday, finance minister Nirmala Sitharaman said India has the required resources to meet the developmental goal set by Prime Minister Narendra Modi.

She added that the focus of the Indian government is on four Is, infrastructure, investment, innovation, and inclusiveness, to achieve the developed nation status for India by 2047. According to a report by the PTI, the minister noted that focusing on honing the skills of India’s young population will prove fruitful for the economy. 

With a vision of making India a developed country by 2047, she added that the focus is on four major areas. Infrastructure represents the first I in the government’s approach. She also noted that public expenditure for infrastructure building has increased largely in the last 3 to 5 years and is expected to reach about Rs 10 lakh crore in 2023-24.

The second I is represented by investment, focusing on which will enhance the participation of both the public and private sectors, the finance minister said. She further added that apart from physical infrastructure such as roads, bridges, and more, digital infrastructure will also be part of the development focus, the report said. 

“We are looking for both public investment and private investment and creating necessary environment, the ecosystem as we often refer to for attracting private investment. And the global discussions which are going on blended finance is also something which we're looking at,” said Sitharaman. 

Talking about innovation as the third focus area for the government, she added that the government is focusing on several areas and trying to leave fossil fuels behind. “We have enough reason to believe the youth today are giving us solutions, which are very good for the frontier technologies that we're talking about, as much as for the legacy issues which persist in India for which we need solutions.”

The last I is representing inclusiveness, she said. Through inclusiveness, the government aims at ensuring that each section of the country benefits from every investment or reform that is undertaken, Sitharaman explained.