India's Viksit Bharat goal depends on development of states - CEA Nageswaran
This story was originally published at 09:11 IST on 21 September 2026
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NEW DELHI – India's broader economic objective of becoming a developed nation by 2047 depends on developments of states, Chief Economic Adviser V. Anantha Nageswaran said. "Viksit Bharat depends on Viksit Rajya," he said Saturday at a conference with state finance ministers in New Delhi.
Viksit Bharat 2047 is India's national vision to transform the country into a self-reliant, developed nation by 2047, marking 100 years of independence. Nageswaran called for the practices shared by states, ongoing deregulation efforts and expert recommendations to be taken forward and translated into partnerships with clear responsibilities and timelines.
He also batted for states to create an enabling environment for private investment through the availability of land, power, and logistics, supported by effective single-window clearances. Moreover, states must improve the quality of investment through robust project-preparation pipelines and credible project reports to facilitate access to domestic and multilateral finance, alongside directing credit towards underserved districts with growth potential, he said.
Nageswaran also called for states to strengthen their own capital expenditure despite fiscal constraints, highlighting former Maharashtra Additional Chief Secretary Sudhir Shrivastava's proposal to raise capital outlay from approximately 2.4% to 3.0% of GSDP by 2031-32 (Apr-Mar). Srivastava was also present at the conference.
He acknowledged that while India's savings base was substantial and would need to grow further, In order to achieve the goal of Viksit Bharat 2047, the country will need to mobilise considerably more private capital. At the same two-day conference on Friday, Economic Affairs Secretary Anuradha Thakur had also flagged that private sector financing is key to achieve India's goal of Viksit Bharat. End
Reported by Pratiksha
Edited by Akul Nishant Akhoury
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