Smt. Anuradha Thakur, Secretary, Department of Economic Affairs (DEA)
@FinMinIndia, addressed the participants and set the context in the inaugural session of the Conference of State Finance Ministers & Finance Secretaries of States/UTs with Legislature on “Financing India’s Journey towards Viksit Bharat”, in New Delhi, today.
She highlighted that this first-of-its-kind Conference adopts a longer-term and broader canvas, bringing together public & private finance, with experts from academia, industry, banking and policymaking, while providing States an opportunity to share their perspectives.
Smt. Thakur underscored that the journey towards Viksit Bharat rests on deep complementarities and multi-tiered partnership between the Union & States. India’s macroeconomic stability and fiscal prudence have received global recognition, including four sovereign rating upgrades by major international rating agencies over the past 16–17 months, with JCR recently upgrading India by one notch from BBB+ to A-.
The DEA Secretary emphasised that the scale of transformation envisaged towards Viksit Bharat cannot be met by government Budgets alone. Private-sector financing, innovative financing mechanisms and stronger cooperation across levels of government will therefore play a critical role.
Smt. Thakur said that the two-day Conference is deliberating on macroeconomic priorities, agricultural transformation, energy transition, new-age technology and growth from a GDP perspective. Working groups, with participation from States, will take forward the thematic deliberations and identify sectoral financing requirements and actionable recommendations.
The Conference, Smt. Thakur said, was conceived following discussions with the Union Finance Minister, seeks to identify emerging financing needs, challenges and innovative solutions to support India’s journey towards Viksit Bharat.