PM Modi Urges India Inc to Step Up Investment in Infrastructure
Prime Minister Narendra Modi encouraged the business sector in India to make substantial investments. Additionally, he underscored the importance of achieving excellence in delivery. During his address at the inaugural post-Budget webinar on ‘Technology, Reforms and Finance for Viksit Bharat’, he highlighted that while a policy can lay down a structure, its true effectiveness hinges on the engaged involvement of all parties involved.
He urged the business community to take the lead in making new investments and fostering innovation, while also calling on financial institutions and analysts to help craft viable solutions and bolster market trust.
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The Prime Minister emphasized the government's dedication to constructing enduring assets aimed at enhancing productivity in the long run. He noted a substantial increase in public capital expenditure, stating that over the past 11 years, the allocation has surged from around Rs.2 lakh crore to over Rs.12 lakh crore in the present Budget. Modi underscored that this investment acts as a strong indication for the private sector to ramp up its involvement in infrastructure and innovation.
He urged the industry and financial institutions to contribute with renewed vigor, highlighting the importance of increased involvement in infrastructure projects, enhanced creativity in financial strategies, and enhanced cooperation in developing sectors.
He also proposed enhancing the project evaluation process and appraisal standards, focusing on cost-benefit analysis and life-cycle costing to minimize inefficiencies and setbacks.
Modi expressed that India's strength in the last decade has been attributed to reforms guided by strong beliefs and continuous endeavors to enhance the business environment. India has implemented technology-driven governance, reinforced establishments, and remains dedicated to ongoing reform efforts.
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“To sustain the reform express momentum, we not only need to focus on policy intent but also have to focus on delivery excellence. The evaluation of reforms should be on the basis its impact on the ground. We should extensively use AI, blockchain, data analytics to improve transparency, speed and accountability,” he says.
The proposal put forth by him involves the establishment of a 'Reform Partnership Charter' to institutionalize cooperation between the government, industry, financial institutions, and academia in order to advance the objectives of realizing Viksit Bharat by the year 2047.
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Prime Minister Modi emphasized the significance of collaboration between the government, industry, and educational institutions by stating that this synergy is crucial for the successful implementation of reforms and the transformation of policy announcements into tangible accomplishments.
He identified several investor-friendly policies introduced by the government, such as simplifying the foreign investment framework and enhancing predictability. Moreover, actions have been implemented to enhance the bond market, with a focus on creating low-risk instruments to attract continuous foreign investment.