Business EconomyPosted at: Sep 20 2026 12:53PM


Faster state development key to Viksit Bharat: CEA Nageswaran

New Delhi, Sep 20 (UNI) India will need to mobilise significantly more private capital to fund its long-term development ambitions and achieve the goal of a developed economy by 2047, Chief Economic Adviser V Anantha Nageswaran said.
The CEA stressed that faster development at the state level would be critical to achieving India's broader economic objectives.
"Viksit Bharat depends on Viksit Rajya," the CEA said, calling on states to create an investment-friendly environment while continuing to maintain adequate levels of public capital expenditure.
"The focus of the discussions has expanded beyond the traditional debate over how resources are generated and distributed. The larger challenge is to ensure adequate financing for India's development over the next two decades," Nageswaran said.
While India has a sizeable domestic savings pool, the CEA said the savings base would have to expand further to meet the country's investment requirements.
"Greater participation from private investors would also be essential for financing infrastructure and other growth-oriented projects," he added.
Nageswaran outlined three key priorities for states including creating conditions that encourage private investment, improving the quality and bankability of project proposals, and sustaining state-led capital expenditure despite fiscal pressures.
He said states should ensure the availability of critical infrastructure such as land, electricity and logistics, while strengthening single-window clearance systems to reduce delays for investors.
The CEA also emphasised the importance of building a stronger pipeline of investment-ready projects.
"Detailed and credible project reports can improve access to financing from domestic lenders as well as multilateral institutions," he said.
Another area highlighted was the need to direct credit towards districts that remain underserved but have strong economic and growth potential. Such an approach, he said, could help spread investment beyond established industrial and urban centres.
Nageswaran also referred to a proposal by former Maharashtra additional chief secretary Sudhir Shrivastava to increase state capital expenditure from around 2.4% of Gross State Domestic Product (GSDP) currently to 3% by 2031-32.
He urged states to convert the ideas and best practices discussed during the conference, along with ongoing deregulation measures and expert recommendations, into concrete partnerships backed by clearly defined responsibilities and timelines.UNI VK AAB
Tags: #Faster state development key to Viksit Bharat: CEA Nageswaran
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