Investment for Viksit Bharat needs significantly greater participation by pvt capital: CEA Nageswaran

New Delhi: India’s savings base is substantial and would need to grow further but significantly greater participation by private capital would be essential to mobilise the investment required for Viksit Bharat, Chief Economic Adviser (CEA), Anantha Nageswaran said Saturday.

At a conference on “Financing India’s Journey towards Viksit Bharat”, he also outlined three priorities for states: creating an enabling environment for private investment, improving the quality of investment through robust project-preparation pipelines and directing credit towards underserved districts.

Emphasising that “Viksit Bharat depends on Viksit Rajya,” Nageswaran called for the practices shared by states, ongoing deregulation efforts and expert recommendations to be taken forward and translated into partnerships with clear responsibilities and timelines.


“He concluded by underscoring the dual imperative before India: sustaining the long-term development journey towards 2047 while accelerating resource mobilisation over the next five years, when global financing opportunities remain available,” finance ministry said in a statement.

The CEA outlined three priorities for states: creating an enabling environment for private investment through the availability of land, power and logistics, supported by effective single-window clearances; improving the quality of investment through robust project-preparation pipelines and credible project reports to facilitate access to domestic and multilateral finance, alongside directing credit towards underserved districts with growth potential; and strengthening States’ own capital expenditure despite fiscal constraints.

In this context, he referred to former Additional Chief Secretary, Maharashtra, Sudhir Shrivastava’s proposal to raise capital outlay to 3% of GSDP by FY32 from approximately 2.4%.

The sessions covered key themes such as the macroeconomic outlook, financing agricultural transformation, and financing the energy transition, the ministry said.