Union Finance Minister Nirmala Sitharaman, during her address at Stanford University’s prestigious Hoover Institution, outlined India’s roadmap to becoming a developed nation by 2047. In her talk titled “Laying the Foundations for a Developed India – Viksit Bharat by 2047”, she detailed the government’s long-term vision, focused policy interventions, and structural reforms.
Sitharaman highlighted that Viksit Bharat is not just an aspiration but a shared national mission combining economic strength, social inclusion, environmental sustainability, and innovation.
A significant portion of Nirmala Sitharaman’s speech focused on women-centric policy reforms, which she presented as essential to India’s inclusive development agenda.
- Six-Month Maternity Leave: “At the insistence of Hon’ble Prime Minister Shri Narendra Modi, maternity leave for working women has been extended to six months,” the minister stated. This landmark reform has empowered women to continue participating in the workforce without compromising their maternal responsibilities.
- Women-Focused Savings Scheme: In a bid to encourage financial security among women, a special deposit scheme was introduced two years ago offering an attractive 7.5% interest rate—well above standard rates. “This move was designed to shift savings from home-held cash to formal financial systems,” Sitharaman explained.
- Tax Concessions on Property in Women’s Names: The government has also offered tax rebates for property registration under women’s names, thus fostering asset ownership and long-term financial independence for women.
- POSHAN Abhiyaan: Through this flagship scheme, the nutritional needs of pregnant and lactating women are being met, ensuring healthier outcomes for both mothers and children.
- PM Awas Yojana: Under the housing scheme for the poor, registration of houses is encouraged in the name of the woman of the household or jointly with a male family member, reinforcing the role of women in household decision-making.
For working women, maternity leaves has been increased to six months on the insistence of Hon'ble Prime Minister Shri @narendramodi.
Two years ago, we came up with a scheme where we increased interest rates on deposits made by women to 7.5% to encourage women to keep their… pic.twitter.com/vITRR7LYvF
— Nirmala Sitharaman Office (@nsitharamanoffc) April 22, 2025
“These are not token initiatives,” Nirmala Sitharaman emphasised. “They reflect a shift in how we view development—not as charity for women, but as empowering women to drive progress.”
In what she called a “population-scale success story,” Nirmala Sitharaman spotlighted Digital Public Infrastructure (DPI)—a framework comprising Aadhaar, UPI, and Jan Dhan accounts—which has revolutionised governance and public service delivery in India.
“Over a billion digital identities have been created,” she stated. “These identities enabled the government to open bank accounts for the unbanked, and during the COVID-19 pandemic, we were able to transfer relief funds directly with a click of a button.” The same digital backbone also facilitated the efficient administration of vaccines across a population of 1.4 billion.
She said that in international forums like the G20, the World Bank, and the IMF, India’s DPI is repeatedly recognised as a pioneering model that other nations are eager to replicate.
Some of the works done in India stand out and one such example is that of Digital Public Infrastructure (DPI) and its success.
More than a billion digital identities have been created using DPI. Using these digital identities bank accounts of people were created and during… pic.twitter.com/9vjVkTt8UL
— Nirmala Sitharaman Office (@nsitharamanoffc) April 22, 2025
Nirmala Sitharaman recounted the systematic economic reforms implemented over the last decade that have significantly improved India’s business environment:
- Over 20,000 compliances have been rationalised
- Business laws have been decriminalised
- Public services have been digitised to reduce bureaucratic red tape
“India has risen from being the 10th largest economy to the 5th largest,” she declared, attributing this leap to the government’s strategic investments and policies. “Our capital expenditure has increased fourfold between 2017–18 and the 2025–26 Union Budget,” Nirmala Sitharaman said, adding that this has provided a strong base for manufacturing-led growth and strengthened investor confidence.
Over the last decade, we have undertaken structural reforms, rationalising over 20,000 compliances, decriminalising business laws and digitising public services to reduce friction.
Our experience with implementing the Business Reform Action Plan by different State Governments… pic.twitter.com/R5qZF4vNRp
— Nirmala Sitharaman Office (@nsitharamanoffc) April 22, 2025
Despite India’s relatively recent entry into the start-up space compared to mature ecosystems like that of the United States, the country has seen remarkable entrepreneurial activity.
Between 2018 and 2023, 72 unicorns were founded by first-generation Indian immigrants, with a combined valuation of USD 195 billion, creating nearly 55,000 jobs globally. “This is a testament to the strength of Indian talent, innovation, and global integration,” Nirmala Sitharaman said, citing a joint report by Indiaspora and BCG.
A report by Indiaspora and BCG shows that Indian first-generation immigrants founded 72 unicorns between 2018 and 2023. These unicorns were worth at least USD 195 billion in valuation and employed nearly 55,000 people.
More than 65 per cent of Global Capability Centres (GCC) in… pic.twitter.com/hDAaLVQ34Q
— Nirmala Sitharaman Office (@nsitharamanoffc) April 22, 2025
She also revealed that over 65 per cent of Global Capability Centres (GCCs) operating in India are headquartered in the US, offering bespoke services in research and development, auditing, and management consulting. This signals growing global confidence in India’s skilled workforce and operational ecosystem.
Nirmala Sitharaman stressed that the goal of Viksit Bharat by 2047 demands a whole-of-society approach, calling upon every citizen to contribute. “The global order is evolving. That brings both challenges and opportunities. We must be ready to tackle the former and seize the latter,” she urged.
As we lay the foundation for a developed India, we must stay committed to long-term goals, without losing sight of present realities. The global order is changing. That poses challenges but also opportunities. We must be prepared to tackle the former while seizing the latter.
— Nirmala Sitharaman Office (@nsitharamanoffc) April 22, 2025
She laid out the roadmap for sustaining India’s growth momentum:
- Bold reforms tailored to a dynamic global landscape
- Strengthened domestic capacities and industrial ecosystems
- Renewed institutional partnerships at both local and global levels
- Adaptive strategies that blend long-term vision with current realities
“The last two Union Budgets have already laid the groundwork for this multisectoral transformation,” she affirmed.
Nirmala Sitharaman concluded her address by underlining India’s resilience and potential. “Despite the pandemic and global economic shocks, India has stayed its course. That gives us confidence for the road ahead,” she said.
