India’s journey towards becoming a developed economy by 2047 will require stronger state-level growth, greater private investment and sustained public spending, Chief Economic Adviser V Anantha Nageswaran said.
Speaking at a two-day conference on financing India’s development journey, Nageswaran highlighted the important role states will play in supporting the country’s long-term economic ambitions.
“Viksit Bharat depends on Viksit Rajya,” he said, emphasising the need for states to build an environment that encourages private investment while continuing to strengthen their own capital expenditure.
The CEA’s comments come as India looks to mobilise more capital for infrastructure, industrial development and other areas that will support economic growth through 2047.
States, which play a significant role in driving investment and development, will need to focus on creating conditions that can attract private capital while maintaining adequate public spending on capital projects.
The discussions also covered areas including savings, agriculture, energy transition, technology and fiscal resilience, reflecting the broader challenges involved in financing India’s long-term development goals.
