Modi's 3rd term will see next-gen reforms: FM Sitharaman

New Delhi: Union Finance Minister Nirmala Sitharaman on Tuesday said the PM Modi-led National Democratic Alliance government will push for major reforms in land, capital and digital infrastructure, which is crucial to make India a developed nation, if voted back to power.

“The next-generation reforms will claim top spot on the government’s agenda in its third term,” Sitharaman said at a conclave on Viksit Bharat@2047 organised by the Federation of Indian Chambers of Commerce and Industry (FICCI). 

“The reforms will touch all factors of production, be it land, labour, or capital. I'll also add one, which may not fit into the traditional definition of what factors of production are, and that is digital infrastructure,” she said.  

Sitharaman noted that “area-specific and systemic reforms have been undertaken in the last 10 years and that will continue into the third term (of Modi government)”.

Making India a developed economy by 2047 is seen as one of the key election pitches of the Modi government, with the PM first dropping the developed-India-by-2047 reference in his 2023 Independence day address; it has been subsequently amplified by his party and Cabinet colleagues in the run-up to the Lok Sabha election.

And at the FICCI event, Sitharaman brought it up, asking industry to align itself with the 2047 goal and ramp up investments.

“If globally, investments are coming in, they are seeing prospects here. You are already here, and some are watching the flow of investments. Look for greater joint-venture partnerships around the world," she said.

Underlining the growing opportunities for India Inc, the finance minister said, “Indian industry can now surely move forward with great speed. We are at the juncture in India’s history where it is just all opportunities, and it is for us to grab it.”

Sitharaman listed certain sectors in which the government plans to boost investments and push for policy reforms. These sectors include electric vehicles (EVs), space, artificial intelligence, warehousing, logistics, agriculture value addition and agriculture efficiencies, tourism and green hydrogen.