Finance Minister Nirmala Sitharaman on Tuesday invited French companies to partner in India’s ambitious Viksit Bharat 2047 vision, pitching the country as a preferred investment destination with a stable policy regime and robust economic growth. Speaking at an interactive session with French business leaders in Paris, she highlighted opportunities in infrastructure, digital economy, green energy, and manufacturing.
Key sectors for collaboration
Sitharaman outlined several sectors where French firms can collaborate, including renewable energy, aerospace, defense, and smart cities. She noted that India aims to become a $5 trillion economy by 2027 and a developed nation by 2047, requiring significant foreign investment. The minister emphasized the government’s focus on ease of doing business, tax reforms, and production-linked incentives (PLI) schemes that have attracted global investors.
Strengthening bilateral ties
The event was part of ongoing efforts to deepen economic ties between India and France, which have seen growing trade and investment flows. Sitharaman recalled the strong strategic partnership between the two countries, citing recent deals in defense and civil nuclear energy. She urged French companies to leverage India’s large market, skilled workforce, and improving logistics infrastructure.
According to the finance ministry, bilateral trade between India and France stood at $12.4 billion in 2022-23, with French investments in India exceeding $10 billion. Sitharaman expressed confidence that the partnership could scale new heights under the Viksit Bharat initiative.
Investment opportunities and reforms
The minister highlighted specific reforms such as the introduction of the Goods and Services Tax (GST), corporate tax rate cuts, and the Insolvency and Bankruptcy Code, which have improved the investment climate. She also mentioned the National Infrastructure Pipeline (NIP) with projects worth over $1.4 trillion and the National Monetisation Pipeline (NMP) offering opportunities in asset recycling.
“India offers a unique combination of demographic dividend, digital transformation, and democratic resilience. We invite French businesses to be part of our growth story,” Sitharaman said during the session. She added that the government is committed to ensuring policy predictability and transparency for investors.
Focus on sustainability and innovation
Sitharaman stressed India’s commitment to sustainability, noting the target of 500 GW of renewable energy capacity by 2030. She invited French firms to invest in solar, wind, and hydrogen projects, as well as in electric mobility and battery storage. The minister also highlighted opportunities in research and development, particularly in artificial intelligence, biotechnology, and space technology.
The interactive session saw participation from CEOs of major French companies, including TotalEnergies, Schneider Electric, and Thales. They expressed interest in expanding their footprint in India, citing the country’s rapid digital adoption and infrastructure development.
Outlook for Viksit Bharat 2047
Viksit Bharat 2047 is the government’s vision to transform India into a developed nation by the centenary of independence. The plan focuses on economic growth, social progress, environmental sustainability, and global leadership. Sitharaman’s outreach to French firms is part of a broader strategy to attract foreign capital and technology to achieve these goals.
The finance minister’s visit to Paris comes ahead of the India-France Strategic Dialogue, expected to further strengthen bilateral cooperation. Analysts believe that increased French investment could boost sectors like defense, nuclear energy, and urban infrastructure, aligning with India’s long-term development objectives.
