FICCI-CRF seminar calls for deeper understanding of private investment trends to power Viksit Bharat 2047
New Delhi, July 8
With public capital expenditure creating the base for growth, policymakers and industry on Wednesday stressed that the next phase of India's expansion will depend on catalyzing private investment through reforms, policy stability and stronger Centre-State coordination.
Speaking at a seminar jointly organised by FICCI and Chintan Research Foundation on 'Investment Economics in India: Manufacturing, FDI and Industrial Transformation', Rajeev Singh Thakur, Programme Director at NITI Aayog, said public spending had already delivered visible results.
"India's sustained public capital expenditure has laid a strong foundation for growth, with visible improvements in infrastructure across the country," he said. "The next phase of India's growth story lay in catalyzing greater private investment through continued reforms, policy stability and an enabling business environment."
Thakur pointed to measures like the Production Linked Incentive scheme, decriminalization of business laws and Jan Vishwas reforms. He said boosting private investment remained a priority and that government was working to address compliance bottlenecks at the ground level.
Citing a new institutional mechanism, he noted, "The deregulation cell operating at Cabinet Secretary level, under which government officers are assigned specific states to work with on identifying and removing redundant regulations," was an example of Centre-State collaboration.
"Stronger Centre-State collaboration and a facilitative regulatory framework were creating the conditions for greater private investment, manufacturing competitiveness and export-led growth as India worked towards its goal of becoming a developed economy by 2047," he added.
Anant Swarup, Secretary General of FICCI, said investment was now central to the growth narrative. "Investment had emerged as a defining pillar of India's growth trajectory, and that a deeper understanding of private investment trends, sectoral challenges and the policy measures needed to unlock greater capital flows would be crucial to achieving the vision of Viksit Bharat by 2047."
Rupa Dutta, Distinguished Fellow at CRF, highlighted the global context. She said the world was seeing "a fundamental reordering of the global economy, with production networks being reshaped and investment flows responding to new geopolitical realities and technological shifts."
India, she said, was prepared with "a sustained reform agenda anchored in macroeconomic stability, rapid digital transformation and unprecedented investment in infrastructure." Initiatives like PM Gati Shakti and the National Logistics Policy "had strengthened India's competitiveness and enhanced investor confidence."
In the session on domestic investment, Ms. Mercy Epao, Joint Secretary, Ministry of MSME, said MSMEs account for nearly half of India's exports. The focus now is to help more firms become first-time exporters through certification, capacity building and better access to finance.
Surendra Kumar Ahirwar, Executive Director, Ministry of Railways, said "investment decisions were driven by confidence, informed risk assessment and the assurance of stable returns," and urged industry to give broader, solution-oriented recommendations.
Panelists also gave detailed suggestions on catalyzing domestic investments and streamlining the FDI environment.
— ANI
Reader Comments
"Viksit Bharat 2047" sounds ambitious but we need to fix ground-level compliance. I run a small unit in Coimbatore and the state-level inspectors still create hurdles despite Centre saying they've decriminalised laws. The Cabinet Secretary level cell is a good idea but it needs teeth to actually remove redundant regulations. Otherwise it's just talk.
Interesting seminar. As someone who works in international development, I appreciate that India is trying to learn from global reordering. The PM Gati Shakti and logistics reforms are indeed game-changers. But the elephant in the room is land acquisition and labour laws which still scare foreign investors in states like UP and Bihar. Policy stability in those areas is key.
Mercy Epao's point about MSMEs becoming first-time exporters is crucial. We have lakhs of small businesses making quality products but they don't know how to get certifications or access export finance. The government should create single-window export facilitation centres in every district. That will actually unlock the private investment this seminar talks about. 🚀
All this sounds good on paper but as an economist I'm sceptical. Private investment as a share of GDP has been stagnant for years. The PLI schemes have helped in electronics and pharma but the broader manufacturing sector is still struggling with demand. Unless middle-class consumption picks up, companies won't invest in new capacity. Policy stability alone won't create demand.
I work in a startup hub in Bengaluru and the energy around FDI is real. Foreign VCs are looking at Indian deep tech and manufacturing startups now, not just
We welcome thoughtful discussions from our readers. Please keep comments respectful and on-topic.