Institutional capacity building will play key role in making India developed nation: Sitharaman

Puducherry, Sep 22 (PTI) The country was on the right track towards Viksit Bharat 2047 and institutional capacity building would play a key role in that, Union Finance and Corporate Affairs Minister Nirmala Sitharaman said here on Sunday.

Viksit Bharat 2047 is the NDA government's roadmap to make the country a developed nation by 2047, when India celebrates its centenary of achieving independence.

The FM said the Centre has left no stone unturned towards enhancing self-sufficiency in defence capabilities.

"We will also need to look after our banks, overall infrastructure, health of the companies in the market and prioritising the digitisation of the Indian economy," she said at the Pondy Lit Fest.

"So if you are looking at what the future entails for India and how we are going to reach the destination of Viksit Bharat 2047, we are on the right track in that. We have prioritised our national security. " she said.

Sitharaman said the Centre never compromised spending on Defence although the earlier regime thought investment on border villages was not the correct thing to do for national security, in an apparent reference to the Congress-led UPA.

"We have never compromised (on defence). Whether it is a simple thing or critical thing for an individual soldier, a bullet proof vest, even that has been attended to," she said.

Sitharaman underlined India needs to be conscious of the fact that if a country's development needs to be measured, it is not going to be defence capabilities but what I do everything right for the population which is getting education, health and so on.

The country needs to build institutional capabilities which is to look at the strength of the banks, the infrastructure the country has and the health of the companies.

"What has made the big difference to India particularly in its economy is, bringing all sections towards the mainstream economic activity which is digitising our Indian economy. That has revolutionised what several governments over 50 years could not achieve" she said.

"People have walked into this world of digital activity and as a result you will find the economy has got strength from below and little wheels are moving, making the giant wheel (Indian economy) easy to move,"she said.

The institutional capabilities have to be strengthened and that would make the Indian economy a lot more sure of how to move forward, she added.

Earlier, she met Puducherry Lt Governor K Kailashnathan and Chief Minister N Rangasamy. PTI