Modi Calls for Increased Investment to Achieve Viksit Bharat Vision

Prime Minister Narendra Modi has urged industry leaders to enhance their investment and innovation efforts to help realize the vision of Viksit Bharat, or Developed India. Speaking at a post-Budget webinar on February 28, 2023, titled ‘Technology, Reforms and Finance for Viksit Bharat,’ Modi highlighted the critical role of financial institutions in providing practical solutions to bolster market confidence.

During the address, Modi pointed out that collaboration between the government, industry, and knowledge partners is essential for translating reforms into tangible outcomes. He emphasized that effective policy announcements can lead to significant achievements on the ground.

The Prime Minister showcased the government’s substantial increase in public capital expenditure, which rose from approximately ₹2 lakh crore eleven years ago to over ₹12 lakh crore in the Union Budget for 2026-27. This increase signals a strong invitation for the private sector to invest more vigorously, according to Modi.

He encouraged Indian businesses to leverage the recent announcements made in the budget and to pursue fresh investments and innovative initiatives. To facilitate this, Modi called on financial institutions to design solutions that can enhance credit flow and boost investor confidence.

Modi attributed India’s resilience over the past decade to reforms driven by conviction rather than mere chance. He noted that the government has consistently aimed to simplify processes and improve the ease of doing business in the country.

In promoting deeper collaboration, Modi proposed the establishment of a clear Reform Partnership Charter. This charter would formalize cooperation between the government, industry, financial institutions, and academia, serving as an important framework for achieving the goal of Viksit Bharat by 2047.

While recognizing that national budgets are often viewed through short-term lenses, the Prime Minister stressed that the Union Budget should serve as a long-term policy roadmap. He underscored the importance of evaluating it based on substantive and structural parameters rather than immediate outcomes.

The call to action from Modi reflects a broader ambition to not only stimulate economic growth but also to lay the groundwork for a more prosperous and developed India by the centenary of its independence.