Investments via PLI schemes top priority

Building infrastructure and attracting investments will be the key focus areas for India over the next 25 years to emerge as a developed nation by 2047, finance minister Nirmala Sitharaman told business leaders in Japan during a visit, sending a strong message about business opportunities in India.

The minister said that when there are several factors in India’s favour, genuine efforts will help make up for the lost opportunities of the past, and achieve the goal of a developed nation.

Sitharaman said the level of achievement and perfection attained by the Japanese economy after the devastation of World War II was inspiring for other nations.

Sitharaman is currently on a two-day visit to Japan, starting Thursday, to attend the G7 finance and central bank governors’ meeting at Niigata.

Referring to the efforts in India’s development journey, she said India was focussing on infrastructure, both physical and digital, as well as domestic and foreign investments, innovation and technology-use in the lives of people, and ensuring every citizen benefits from growth and development. Sitharaman referred to the initiatives of the Indian government and said that the Union Budget presented by her in February was prepared keeping in mind the needs of the next 25 years.

Sitharaman told investors and business leaders from Japan that India has been relaxing a lot of restrictions and making it easier for business to operate in the country. In her address, she also highlighted the government’s priority to incentivise and facilitate investment by businesses through the Production Linked Incentive (PLI) schemes, which were initially introduced for 14 sectors and is now being expanded in the crucial areas of semi-conductors and solar components. Referring to India’s commitment to the greening of the economy and the international goals under Nationally Determined Contributions, especially in renewable energy, she said that the country has already achieved, with its own funds, 175 GW of solar energy. It now aims to achieve 300 GW by 2030. PTI