Anuradha Thakur highlights private finance, innovative funding mechanisms and fiscal prudence at State Finance Ministers’ Conference
New Delhi: Anuradha Thakur, Secretary, Department of Economic Affairs (DEA), Ministry of Finance, addressed participants at the inaugural session of the Conference of State Finance Ministers and Finance Secretaries of States/UTs with Legislature on “Financing India’s Journey towards Viksit Bharat” in New Delhi.
Setting the context for the two-day conference, Anuradha Thakur said the first-of-its-kind gathering adopts a long-term and broad-based approach to financing development, bringing together public and private finance along with experts from academia, industry, banking and policymaking. The conference also provides States and Union Territories an opportunity to present their perspectives on emerging financing requirements.
The DEA Secretary emphasised that India’s journey towards Viksit Bharat depends on deeper complementarities and a strong multi-tiered partnership between the Union and State Governments.
She highlighted India’s macroeconomic stability and fiscal prudence, noting that these have received international recognition. She pointed to four sovereign rating upgrades by major international rating agencies over the past 16–17 months, including the recent one-notch upgrade by JCR, which moved India’s rating from BBB+ to A-.
Anuradha Thakur underlined that the scale of transformation envisaged under the Viksit Bharat vision cannot be financed through government budgets alone. She said private-sector financing, innovative financing mechanisms and stronger cooperation across different levels of government will be critical to meeting the country’s long-term development requirements.
The conference is deliberating on key areas including macroeconomic priorities, agricultural transformation, energy transition, new-age technology and GDP-led growth. Working groups involving representatives from States will carry forward the thematic discussions and identify sector-specific financing needs along with actionable recommendations.
The DEA Secretary said the conference was conceived following discussions with the Union Finance Minister and is aimed at identifying emerging financing needs, challenges and innovative solutions that can support India’s long-term journey towards Viksit Bharat.