FinMin to hold Chintan Shivir in Gujarat, discusses roadmap for India 2047

The finance ministry will organise a two-day Chintan Shivir in Gujarat starting from August 20 to discuss various issues, including the roadmap for India to become a developed nation by 2047, officials said on Monday.

Secretaries and senior officials from the six departments in the finance ministry and the corporate affairs ministry will attend the two-day session that will be held at Kevadia.

Finance minister Nirmala Sitharaman will address the meeting on August 21.

The Chintan Shivir, which is being held days before the G20 Leaders' Summit, will also see separate sessions on various agenda being pursued under India's Presidency.

India is currently holding G20 Presidency and the Summit meeting is scheduled to be held on September 9-10 in the national capital.

Prime Minister Narendra Modi has given a clarion call to make India a developed country by 2047 -- the 100th year of its independence.

In the nine years of the Modi government, the Indian economy has moved from being the tenth largest economy in the world to the fifth position on the back of various reforms, including Goods and Services Tax (GST), Insolvency and Bankruptcy Code (IBC) and opening up various sectors like space and defence to foreign investment, the officials said.

On the disinvestment front, the government has introduced Public Sector Enterprise (PSE) policy, under which it aims to minimise its presence in PSEs and transfer management control of companies, which are not in the strategic sector, to the private sector.

The government's tax revenues, too, have been growing faster than budgeted, thereby providing cushion against global headwinds.

Between April 1 and August 10, the net direct tax collections rose 17.33 per cent to Rs 5.84 lakh crore, reaching 32 per cent of the full-year Budget estimates. Monthly GST collections, too, have been around Rs 1.60 lakh crore.

In a recent report, S&P Global projected India's gross domestic product would nearly double to USD 6.7 trillion by 2030-31 from USD 3.4 trillion in 2022-23.