India focusing on infra, investments, inclusion, says Sitharaman
2 min read 10 Jan 2023, 09:34 PM ISTUnderlining the contribution of NRIs, Sitharaman said remittances sent to the country by overseas Indians were about $100 billion for the year 2022, an increase of 12% in one year
PremiumUnion Finance Minister Nirmala Sitharaman on Tuesday said that for next 25 years, India is focusing on infrastructure, investment, innovation and inclusive growth.
Speaking at the Pravasi Bharatiya Divas convention in Indore, Sitharaman said that she could say with confidence that for the next 25 years, India is focusing on four ‘I’s.
“First is infrastructure. We need better infrastructure. Investment is the second ‘I’ and the third is innovation," the minister said adding that innovation was needed to find solutions for India’s long-standing problems. “And finally, inclusion. All this will have to lead to inclusive growth," the minister said.
Underlining the contribution of non-resident Indians, Sitharaman said remittances sent to the country by overseas Indians were about $100 billion for the year 2022, an increase of 12 % in one year. The minister said 32 million Indians live abroad and lauded their significant contribution towards India’s development.
Sitharaman said the Indian diaspora should also partner with small and big businessmen of the country so that the entrepreneurial skills of NRIs can be harnessed in the next 25 years during the 'Amrit Kaal' of independence.
“Within a year which was post-pandemic, people thought Indian workers will not go back abroad again, they have not only gone back but more have gone for very useful employment and the remittance numbers have gone up by 12 pc within one year," she said. Citing the dominance of Indian professionals in information technology, digital technology, automobiles, semiconductor designing, pharmaceutical manufacturing and other fields, she said the country is becoming a global hub of knowledge and progress.
The minister described NRIs as the "real ambassadors of India" and appealed to them to use made in India products and services as far as possible so that the country's individual brand can be promoted across the globe.
About the reach of digital payments in India, the minister said that in 2022, 7,400 crore UPI transactions amounting to ₹125 trillion were made in India.
Describing the 'one district, one product' policy of the central government, the minister said that every district today in India has been identified for one unique product and that both central and state governments are promoting those products.
Sitharaman also said that after the "China plus one" policy, the world is now talking about the "European Union (EU) plus one" policy. The government is strongly presenting India to multinational companies as a country where they can set up their factories apart from China and the EU, she said.
