1 hr ago
States Urged to Raise Capital Spending and Attract Private Investment
India’s Chief Economic Adviser said States need to spend more on building important projects.
He also said States should attract more money from private companies.
He supported increasing States’ capital spending from 2.4% to 3% of their economic output by 2031-32.
States were encouraged to make land, electricity and transport easier for investors to access.
Faster single-window approvals could also help.
Better project plans and reports could make it easier to obtain loans.
Some credit should reach districts that have growth potential but are underserved.
The advice was given at a finance conference about funding India’s future development.
Chief Economic Adviser V. Anantha Nageswaran urged States to attract more private investment despite fiscal constraints.
He endorsed raising States’ capital outlay from 2.4% to 3% of GSDP by 2031-32.
States were advised to improve access to land, power, logistics and single-window clearances.
Nageswaran called for stronger project-preparation pipelines and credible reports to improve financing access.
The finance ministry said the conclave strengthened the case for holding the event annually.
- Who
- Chief Economic Adviser V. Anantha Nageswaran, along with State finance ministers and finance secretaries.
- What
- States were urged to increase capital spending, attract private investment and improve the quality and financing of projects.
- Where
- At a conclave organised by the finance ministry; the location was not specified.
- When
- On Saturday, during the concluding day of a two-day conclave.
- Why
- To help finance India’s development and achieve the goal of Viksit Bharat through stronger State-level investment and partnerships.
Key facts
- Speaker
- V. Anantha Nageswaran, Chief Economic Adviser
- Event
- Two-day conclave of State finance ministers and finance secretaries
- Theme
- “Financing for Viksit Bharat”
- Proposed capital-outlay target
- Increase States’ capital outlay from 2.4% to 3% of GSDP by 2031-32
- Investment focus
- Attract private capital through land, power, logistics and single-window clearances
- Project-finance focus
- Build stronger project pipelines and credible project reports
- Conference outcome
- The finance ministry said discussions supported holding the conference annually
Quotes
V. Anantha Nageswaran
Chief Economic Adviser to the Government of India
“Viksit Bharat depends on Viksit Rajya”
financialexpress.com
Sources
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