Crime Today News
Finance Minister Nirmala Sitharaman has said that changing global order posing challenges as well as opportunities for India. This remark assumes significant as Trump’s tariff decision has potential to bring big change in global economic order.
“As we lay the foundation for a developed India, we must stay committed to long-term goals, without losing sight of present realities. The global order is changing. That poses challenges but also opportunities. We must be prepared to tackle the former while seizing the latter,” she said while addressing a gathering at the Hoover Institution, Stanford University in California. The Minister is in US an official visit.
“A Viksit Bharat will be shaped not only by the government but by the collective effort of every citizen. This vision calls upon us to think boldly, act inclusively, and stay resilient and flexible,” she said.
Talking about thrust on infrastructure development, she said that this has also created a strong foundation for manufacturing-led growth by bolstering investor confidence.
This has been enabled by a more than fourfold increase in the Union Government’s capital expenditure (Capex) between 2017–18 and the 2025–26 Budget.
Highlighting success of Digital Public Infrastructure (DPI), the Minister said that more than a billion digital identities have been created using DPI.
Using these digital identities bank accounts of people were created and during Covid-19 pandemic, money was transferred by the government in a click of a button. DPI also came useful in administering vaccine during Covid-19 pandemic. Taking note of a report by Indiaspora and BCG she said that Indian first-generation immigrants founded 72 unicorns between 2018 and 2023.
“These unicorns were worth at least USD 195 billion in valuation and employed nearly 55,000 people. More than 65 per cent of Global Capability Centres (GCC) in India have their headquarters in the US. These GCCs provide high-value-added, bespoke services in areas such as R&D, management consulting and auditing,” Sitharaman said.
Acknowledging the role of a vibrant and thriving network of small and medium enterprises is essential for domestic manufacturing to grow.
The Government has undertaken numerous initiatives to support MSMEs, from easing access to credit, redefining size thresholds, facilitating prompt payments from large buyers and simplifying compliance burdens. The Open Network for Digital Commerce, launched in April 2022, has successfully onboarded more than 764 thousand vendors across 616 cities. “
Our next focus is reducing regulatory frictions, digitising approvals, and integrating MSMEs into global value chains. Special support to women-led and rural enterprises will help enhance economic opportunities and ensure more inclusive growth,” she said
Published on April 22, 2025
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