PM Modi proposes reform charter to boost collaboration for Viksit Bharat

At a post-Budget webinar, PM Modi calls for a reform partnership charter to formalise collaboration among government, industry, FIs and academia, and urges deeper reforms and investment

Addressing a post-Budget webinar on Friday morning, Prime Minister Narendra Modi urged financial institutions and analysts to assist in preparing practical solutions and strengthening market confidence, and suggested designing a “reform partnership charter” to formalise collaboration among government, industry, financial institutions and academia as part of the goal of achieving Viksit Bharat by 2047.

 

The first post-Budget webinar of the 2026-27 series, focusing on the theme “Technology Reforms and Finance for Viksit Bharat”, was attended by Finance Minister Nirmala Sitharaman and senior officials.

 

In his speech, the PM said that the government is further simplifying the foreign investment framework to make the system more predictable and investor-friendly. He highlighted steps being taken to make bond markets more active and simplify the buying and selling of bonds.

 

 

The PM sought suggestions on ensuring predictability, deepening liquidity, introducing new instruments, and effectively managing risks to attract sustained foreign capital. He said bond market reforms are essential enablers of long-term growth. “There is need to ensure predictability, deepen liquidity, and introduce new instruments to manage risk effectively and attract sustained foreign capital,” the PM said.

 

Modi asked stakeholders, policymakers and experts to learn from global best practices to help strengthen the bond market and foreign investment framework. He said that the government is making efforts to develop more active bond markets, simplify bond trading processes, and strengthen project sanction methodologies through rigorous cost-benefit analysis and life-cycle costing. “These steps aim to make the system more predictable and investor-friendly while managing risk effectively,” the PM said.

 

The PM asked industry to bring fresh investments and innovation, appealed to financial institutions and analysts to help prepare practical solutions, and strengthen market confidence. He said it is time for industry and financial institutions to bring new energy as the country needs their greater participation in the infrastructure sector, more innovation in financing models, and stronger collaboration in emerging sectors.

 

The PM said there is a need to strengthen the project sanction methodology and appraisal quality, and, while keeping life-cycle costing uppermost, stop wastage and delays by conducting cost-benefit analysis of projects.

 

The PM’s appeal to Indian industry to step up investment and innovation comes in the context of India signing, or working on inking, trade deals, including with the European Union, the United States and Israel.

 

Modi underlined the government’s increased capital spending and its putting in place a conducive policy environment in successive Budgets, and said it was now time for the private sector to drive the next phase of globally competitive growth. Tie-ups on innovation in manufacturing, including with India’s small and medium enterprises, are a key component of the India-EU trade deal. The PM said public capital expenditure has risen from Rs 2 trillion 11 years ago to over Rs 12 trillion in the Union Budget 2026-27.

 

“We need greater participation in infrastructure and innovation in financial models... we must strengthen project sanction methodologies and improve the quality of appraisal,” he said. Modi said the evaluation of reforms should be based on their impact on the ground. “We should extensively use AI, blockchain, data analytics to improve transparency, speed and accountability,” he said.

 

Noting that the Budget is often evaluated on different parameters, Modi said: “The national Budget is not a short-term trading document. It is a policy roadmap. Therefore, the effectiveness of the Budget should also be assessed on solid and substantive parameters.”