Today, Finance Minister Nirmala Sitharaman addressed the Confederation of Indian Industry (CII) Annual Business Summit, emphasizing India's journey towards becoming a developed economy by 2047. In her opening plenary address, she highlighted the crucial role of businesses in shaping this future.

The Finance Minister's remarks come in response to recent skepticism from former Reserve Bank of India governor Raghuram Rajan about India’s focus on high-profile manufacturing sectors like semiconductor production, urging attention to fundamental issues like education.

Sitharaman stressed the need for India to increase its manufacturing footprint in global value chains through effective policies. "We need greater sophistication in product manufacturing with strong policy support," she affirmed.

Regarding the Indian economy, Sitharaman described it as a compelling growth story. She announced that the upcoming July budget will integrate suggestions from the CII, projecting that the Indian consumer market could double by 2031. Furthermore, India aims to contribute 18% to global growth in the next five years.

The Finance Minister also reassured that both the corporate sector and finance sector balance sheets are in robust health. She underlined the importance of consistent and corruption-free decision-making to achieve India's self-reliance goals.

NIrmala Sitharaman reiterated the necessity of expanding manufacturing capabilities to bolster India’s economic independence and ensure sustained growth.

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