New Delhi, September 19 (Daily Kiran) : A two-day national conference titled “Financing India’s Journey Towards a Developed India” concluded on September 19 in New Delhi. The event brought together finance ministers, secretaries, academics, and experts from industry, banking, and policy-making to discuss financial needs and pathways for sustainable and inclusive development, aiming for the goal of a developed India by 2047.
Participating in the conference were the Union Minister of Finance and Corporate Affairs, along with chief ministers from Assam, Delhi, Goa, Haryana, Jammu & Kashmir, Kerala, Manipur, Meghalaya, and Nagaland. Additionally, deputy chief ministers from Arunachal Pradesh, Bihar, and Odisha, as well as finance ministers and senior officials from various states like Andhra Pradesh, Gujarat, Himachal Pradesh, Jharkhand, Maharashtra, Tamil Nadu, Tripura, Uttar Pradesh, Uttarakhand, and West Bengal were also present.
During the opening session, Anuradha Thakur, Secretary of the Department of Economic Affairs (DEA), highlighted that this was the first conference of its kind, uniting experts from both public and private finance to address long-term issues. She emphasized that the journey towards a developed India would rely on strong partnerships and complementary cooperation between the central and state governments.
Thakur noted that in the past 16 to 17 months, major international rating agencies have upgraded India’s sovereign rating four times. Recently, Japan Credit Rating Agency (JCR) raised India’s rating from BBB+ to A-, reflecting global recognition of the country’s economic stability and financial discipline.
She asserted that achieving the goal of a developed India cannot be accomplished solely through government budgets. The private sector’s capital, innovative financial mechanisms, and collaboration between central and state governments will be crucial. Various working groups will be formed with state participation to address sector-specific financial needs and provide concrete recommendations.
Key speaker N.K. Singh, former chairman of the 15th Finance Commission, stated that India’s GDP growth rate for the first quarter of the fiscal year 2026-27 was 7.8%, showcasing the country’s robust economic foundation. He mentioned that maintaining a sustainable growth rate of 7-8% for a developed India would require increasing the gross domestic savings rate from the current approximately 34% to 38-40%.
Singh emphasized the need for a differentiated assessment of debt sustainability for states, increased transparency in off-budget borrowing and guarantees, and enhancing tax compliance through artificial intelligence (AI) and machine learning. He stressed that private capital should become the main driver of development, with the government acting as a catalyst.
The conference featured sessions on the broader economic landscape, increasing savings and investment rates, financial “golden rules” for states, fiscal discipline, and resource mobilization. Notable experts, including Dr. Sajjid Chinoy from JP Morgan, Dr. Samiran Chakrabarti from Citibank, Professor Ashima Goyal, and Professor N.R. Bhanumurthy, shared their insights during these discussions.
In a special session, Uday Kotak, founder and non-executive director of Kotak Mahindra Bank, shared his views on the role of private investment and the financial sector in financing a developed India.
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