VIJAYANAGARA, KARNATAKA — Union Minister for Finance and Corporate Affairs, Smt. Nirmala Sitharaman,chaired a high-level ‘Chintan Shivir’ in the historic city of Vijayanagara, Karnataka, this Sunday. The brainstorming session, attended by Union Minister of State for Corporate Affairs Shri Harsh Malhotra and senior officials, focused on aligning national economic policies with the vision of #ViksitBharat.
The deliberations were organized around three strategic thematic groups, each presenting a roadmap for institutional and economic reform:
I. Financing for Viksit Bharat
The group emphasized building a robust and inclusive financial architecture. Key recommendations included:
Empowering Local Bodies: Strengthening the financial capacity of States and urban local bodies.
Market Depth: Deepening the corporate bond market to provide diversified funding avenues.
Credit Access: Expanding digital and collateral-free lending to ensure credit reaches the last mile.
Private Investment: Creating a conducive environment to catalyze large-scale private capital.
II. Ease of Doing Business (EoDB)
Focused on transforming India into a global business hub, the discussions centered on “Trust-Based Governance”:
Regulatory Simplification: Streamlining laws to reduce the compliance burden and costs.
Data-Driven Compliance: Moving toward non-intrusive, tech-enabled oversight to replace traditional inspections.
Administrative Efficiency: Faster dispute resolution and the implementation of seamless, trust-based processes across GST, Customs, and Corporate Affairs.
III. AI for Viksit Bharat
Recognizing Artificial Intelligence as a pivotal governance tool, the group explored:
Strategic Assistance: Leveraging AI to enhance decision-making and service delivery.
Human-Centric Tech: Ensuring technology serves as an assistant while keeping human judgment and accountability at the core of all policy actions.
Closing Remarks
In her concluding address, Smt. Nirmala Sitharaman called upon all stakeholders to contribute to this collective national effort. She noted that sustained economic prosperity is not just a growth metric but a fundamental requirement for the eradication of poverty and the reduction of inequality.
The Finance Minister reflected on the historical significance of Vijayanagara, urging officials to draw inspiration from its past peak while remaining grounded in the current developmental realities of the region to ensure balanced and inclusive growth.
