India’s long-term economic growth over the next 20 years will hinge on bold reforms, enhanced domestic capabilities, and strategic institutional partnerships, Finance Minister Nirmala Sitharaman said during her address at Stanford University, California. She emphasized that government initiatives in recent years have laid the foundation for manufacturing-driven growth, aided by a fourfold rise in capital expenditure between 2017-18 and the 2025-26 Budget.

Highlighting India’s reform journey, Sitharaman noted efforts such as the rationalisation of 20,000+ compliance norms, decriminalisation of business laws, and digitisation of public services. These reforms have improved ease of doing business and helped India rise to become the fifth-largest global economy.

Sitharaman pointed to India’s Digital Public Infrastructure, praised globally for enabling financial inclusion and efficient pandemic response. She also underscored the vital role of SMEs and initiatives to integrate them into global value chains, with support through easier credit, quicker payments, and compliance reduction.

She cited data showing Indian-origin entrepreneurs founded 72 unicorns between 2018–2023. Women’s economic participation has been supported through extended maternity leave, tax benefits, and deposit incentives. The Open Network for Digital Commerce now connects over 764,000 vendors in 616 cities.

Read More...

US Vice President JD Vance Begins India Visit with Spiritual Tour of Akshardham Temple