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May 14, 2024

Modi’s Vision for India’s Future: More Governance, Less Government

In anticipation of Prime Minister Narendra Modi’s third term, Finance Minister Nirmala Sitharaman outlined the government’s forward-looking agenda centered on “more governance and less government.” Speaking at the ‘Viksit Bharat 2047 – Vision for Indian Financial Markets’ event in Mumbai, Sitharaman emphasized the Modi administration’s commitment to fostering investment-led growth while ensuring inclusivity and empowerment for the underprivileged.

A Vision for Developed India

Viksit Bharat 2047 is a strategic initiative by the Modi government to transform India into a developed nation by 2047, coinciding with the centenary of its independence. The plan underscores a shift towards a governance model that prioritizes effective management and reduced bureaucratic intervention.

Sitharaman highlighted the government’s focus on enabling growth through investments, coupled with a welfare model aimed at empowering the poor rather than fostering dependency. This approach marks a significant shift in policy, aiming to build a robust economic framework that benefits all sections of society.

Changing Investment Patterns in Indian Households

One of the notable trends discussed by Sitharaman was the evolving investment behavior of Indian households. Traditionally conservative in their investment choices, many are now increasingly participating in the stock market. This shift is evidenced by the record number of dematerialised (demat) accounts, which surpassed the 150-million mark in March. The surge in demat accounts is attributed to the digital revolution, making it easier for individuals to open accounts and the growing awareness about equity investing.

Sitharaman remarked that middle-class families, despite the inherent risks, are beginning to recognize the potential for higher returns in stock investments. She stressed the importance of protecting this newfound trust to sustain and encourage further participation in the financial markets.

The Importance of Stable Governance

In her address, Sitharaman also touched upon the upcoming Lok Sabha elections, underscoring the crucial role of a stable government in ensuring consistent and effective policies. Stability, she argued, is essential for the efficiency and growth of financial markets. Without directly naming the Opposition’s INDIA group, she emphasized that a cohesive and stable government is vital for India’s economic trajectory.

The Modi government is determined to secure a decisive victory in the elections, aiming for at least 400 seats within the Bharatiya Janata Party-led National Democratic Alliance coalition. The election results, set to be announced on June 4, will play a pivotal role in shaping the nation’s future policies and economic strategies.

India as a Global Financial Hub

Praising the Bombay Stock Exchange (BSE) for its significant contribution to the Indian financial markets, Sitharaman highlighted the potential for India to emerge as a global financial hub. She pointed out that despite global economic uncertainties, India’s financial markets have outperformed expectations.

Looking ahead, Sitharaman expressed optimism about India’s role in creating a fintech-based global hub and a leading financial market headquarters. She emphasized that with the right strategies and governance, India has the potential to seize numerous opportunities in the financial sector, driving economic growth and development.

Conclusion

As India moves towards Viksit Bharat 2047, the government’s emphasis on “more governance and less government” reflects a strategic shift aimed at fostering sustainable and inclusive growth. With a stable government and forward-thinking policies, India is poised to become a developed nation, leading in both financial innovation and economic empowerment. The upcoming Lok Sabha elections will be a crucial determinant in this journey, setting the stage for India’s future as a global economic powerhouse.

Jhumpa Lahiri

Jhumpa Lahiri

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