India’s Finance Minister, Nirmala Sitharaman, spoke about the need for four critical areas of focus – infrastructure, investment, innovation, and inclusivity – in achieving sustainable long-term growth, during the Asian Development Bank (ADB) Governor’s seminar. Sitharaman stressed that private sector involvement is essential for increasing investment and innovation. She noted that investment is necessary for infrastructure development, which could lead to job creation. Meanwhile, innovation is critical to finding solutions to issues confronting countries. Sitharaman also highlighted that inclusivity is necessary to prevent conflicts in society.
The Finance Minister noted that there is a need to focus on labor-intensive industries and provide skill development. As industries adjust to the Web 3.0 era, governments must collaborate with the industry to provide the necessary skill sets for a technology-driven society. Sitharaman called for a conscious shift to capital expenditure from revenue expenditure. Capital expenditure generates assets and creates a multiplier effect in the economy, which benefits labor and semi-skilled workers.
Sitharaman called for global coordination to address the problems facing the world. She emphasized that any happening anywhere in the world has an impact on every country. As the G20 Presidency, India is working to engage with every nation to provide solutions to the world’s problems.
Sitharaman’s speech highlights India’s commitment to achieving sustainable long-term growth. The focus on private sector involvement and capital expenditure underscores the government’s efforts to create an environment conducive to job creation and the development of necessary skills for a technology-driven society.
Additionally, the Finance Minister’s emphasis on inclusivity demonstrates the government’s commitment to preventing social conflicts and promoting harmony in society. With the G20 Presidency, India’s efforts to engage with every nation reflect the government’s willingness to collaborate with other countries to address the problems facing the world.
