New Delhi, Dec 21 (NationPress) Union Finance Minister Nirmala Sitharaman remarked on Sunday that the Chintan Shivir serves as a venue for advanced thought processes, suggesting that the outcomes of such discussions, once incorporated into policy, can hasten India's journey towards Viksit Bharat.

FM Sitharaman made these comments after leading the Chintan Shivir organized by the Ministry of Finance and the Ministry of Corporate Affairs in Vijayanagara, Karnataka.

According to the finance minister, the Chintan Shivir facilitates a platform for elevated thinking, which, when transmuted into policy, can expedite India's progress towards Viksit Bharat.

“Reforms in governance should prioritize simpler legislation and supportive administration, rooted in trust-based governance instead of assumptions of non-compliance,” FM Sitharaman emphasized.

In her address, the Union Minister underscored that technology, particularly AI, can assist in foundational tasks and help uncover evasions, but it must be overseen by human intelligence.

“Sustained prosperity is crucial for alleviating poverty and reducing inequality,” FM Sitharaman added.

The focus of the Chintan Shivir revolved around three key areas related to the objective of fostering a developed India.

These included financing a developed India, enhancing the ease of doing business, and leveraging artificial intelligence in governance.

Senior officials engaged in comprehensive discussions on these topics before presenting their recommendations for broader consideration.

During these discussions, participants highlighted the necessity of fortifying India’s financing system by empowering states and urban local authorities.

There was also a spotlight on bolstering corporate bond markets, expanding access to digital and collateral-free financing, and promoting heightened private investment to fuel long-term growth.

Regarding the ease of doing business, the focus remained on simplifying laws and facilitating administration.

Union Minister of State for Corporate Affairs Harsh Malhotra and senior officers from both ministries were present during this meeting.

The officials deliberated on the significance of non-intrusive, data-driven compliance, reducing regulatory burdens, expediting dispute resolutions, and establishing trust-based systems in domains such as GST, customs, and corporate regulation.