India’s Journey Towards ‘Viksit Bharat’ by 2047: A Shared National Mission, Says FM Sitharaman

New Delhi: India’s ambitious vision to become a ‘Viksit Bharat’ by 2047 is not just an aspiration but a collective national mission driven by a focus on inclusive, sustainable, and innovation-led growth, according to Union Finance Minister Nirmala Sitharaman.

In a keynote address at the Hoover Institution at Stanford University, Sitharaman emphasized India’s impressive rise from the world’s tenth-largest economy to the fifth largest, signaling the country’s growing global influence. Despite challenges like the pandemic and banking crises, India’s steady progress over the past decade, bolstered by strong macroeconomic fundamentals and consistent reforms, has instilled confidence in the country’s future path.

Key Highlights from FM Sitharaman’s Address

The finance minister highlighted some of India’s key achievements, particularly the success of Digital Public Infrastructure (DPI), which has played a crucial role in transforming the country. Over a billion digital identities have been created, facilitating the opening of bank accounts and enabling seamless government transfers during the Covid-19 pandemic. DPI also played a vital role in administering vaccines.

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“India’s population-scale digital identity system is repeatedly praised by the G20, the World Bank, and the IMF,” Sitharaman noted, underscoring the global recognition of this achievement.

India’s Vision for the Future

Sitharaman stressed that India’s growth momentum over the next two decades will require bold reforms, stronger domestic capacities, and renewed institutional partnerships. She pointed out that the last two Union Budgets have laid a strong foundation for the country’s transformation, with a multi-sectoral policy agenda focused on achieving sustainable development.

She also emphasized the need to remain focused on long-term goals while addressing present challenges and seizing new opportunities arising from the changing global order.

Empowering MSMEs for Growth

A key component of India’s growth strategy is the empowerment of Micro, Small, and Medium Enterprises (MSMEs), which are vital to the country’s manufacturing sector. The government has launched several initiatives to ease credit access, redefine size thresholds, simplify compliance, and facilitate prompt payments from large buyers. The Open Network for Digital Commerce has also been instrumental in integrating over 7,64,000 vendors across 616 cities.

Sitharaman highlighted that reducing regulatory friction, digitizing approvals, and integrating MSMEs into global value chains would further enhance economic opportunities, particularly for women-led and rural enterprises.

Strengthening Infrastructure for Sustainable Growth

The Finance Minister also discussed the government’s significant push towards infrastructure development, which has been a catalyst for manufacturing-led growth and has bolstered investor confidence. The Union government’s capital expenditure has more than quadrupled between 2017-18 and the 2025-26 Budget, laying a strong foundation for future growth.

India’s Startup Ecosystem: A Rising Power

Sitharaman also shed light on India’s burgeoning startup ecosystem, with Indian first-generation immigrants founding 72 unicorns between 2018 and 2023, valued at over USD 195 billion. These unicorns employ nearly 55,000 people, demonstrating India’s potential as a global startup hub.

While India’s startup ecosystem is still in its nascent stages compared to mature hubs like the US, Sitharaman emphasized that the government’s focus has been on reducing entrepreneurial risks by eliminating regulatory and infrastructural barriers.

A Vision for Inclusive Growth

Sitharaman concluded by reiterating that the vision for a ‘Viksit Bharat’ will require the collective effort of all citizens. She called for bold thinking, inclusive actions, and a resilient approach to navigate the evolving global landscape. The shared national mission for India’s growth is a dynamic, forward-thinking endeavor that will shape the nation’s path to becoming a developed economy by 2047.