New Delhi, Agencies: Finance Minister Nirmala Sitharaman has called for private investment to drive India’s next economic phase as the country seeks to sustain growth and build resilience against a more uncertain global economic environment.
Speaking at the 5th Kautilya Economic Conclave in New Delhi on Saturday (3 October), she emphasised that private capital expenditure and higher spending on research and development would be crucial for maintaining momentum.
Sitharaman stressed the need for designing policies that build resilience amidst global uncertainty. She highlighted that the private sector must now lead the investment cycle, including in research and innovation, as India approaches coming years from a position of strength.
The Finance Minister revealed that India’s R&D spending currently stands at 0.83 per cent of gross domestic product, compared to 2.7 per cent in OECD countries, with the private sector contributing only 36 per cent of the nation’s total R&D spending.
She noted that raising both the scale of investment and private sector participation is essential to strengthening India’s innovation capacity.
On infrastructure development, Sitharaman outlined that capital expenditure for this fiscal year was projected at 12.22 lakh crore rupees.
She added that the national highway system had grown by approximately 61 per cent and the count of functioning airports had more than doubled since 2014.
The three-day conclave, themed ‘Resilience in an Age of Flux’, brought together policymakers, economists and international thought leaders to discuss India’s economic priorities.
Sitharaman emphasised that nations should engage through dialogue and negotiated agreements, ensuring global economic relationships remain open, predictable and rules-based rather than allowing geopolitical differences to become barriers to trade and investment.
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