Strong statistical framework key to achieving Viksit Bharat goal by 2047: PM's Principal Secretary PK Mishra

PK Mishra stated statistics, data, technology, planning and governance are increasingly interconnected elements of India's development journey. A robust statistical system, he said, must enable governments to measure development progress across states and districts.

Principal Secretary to the Prime Minister PK Mishra on Tuesday underscored the importance of a robust statistical framework in shaping policies based on reliable evidence and realising the vision of Viksit Bharat by 2047.

He made the remarks while inaugurating the Conference of State Planning, Finance and IT Secretaries in New Delhi. The event was organised by the Ministry of Statistics and Programme Implementation (MoSPI).

"Emphasising the importance of credible statistics, data harmonisation and technology-enabled governance, he said a strong statistical system is essential for evidence-based policymaking and achieving the vision of Viksit Bharat @ 2047," according to a MoSPI statement.

Mishra stated statistics, data, technology, planning and governance are increasingly interconnected elements of India's development journey.

A robust statistical system, he said, must enable governments to measure development progress across states and districts, assess policy outcomes, identify gaps and ensure that public resources deliver the intended results.

Mishra stressed the importance of updating methods used to measure economic activity, saying India's statistical framework must keep pace with the economy's growing digitalisation, formalisation and interconnectedness.

PK Mishra urges financial sector to finance next generation of Indian businesses

The financial sector should look beyond supporting India's immediate economic expansion and focus on providing capital to the next generation of businesses, Principal Secretary to the Prime Minister PK Mishra said last month.

"The task before the financial sector is larger than financing next year's growth. It is to finance the next generation of Indian enterprise," Mishra said while addressing the 13th SBI Banking and Economics Conclave 2026.

He said India's ambition to emerge as a leading global economy would require a shift in the financial system's approach, from "accommodating growth to enabling growth".

Mishra pointed out that banks alone would not be able to meet the financing requirements of a significantly larger and more advanced economy. He called for stronger corporate bond and equity markets, along with a greater role for institutional investors and infrastructure funds.

Mishra also emphasised the need to change how lenders evaluate creditworthiness, urging them to place greater importance on business cash flows rather than collateral.

"There is another transformation that I believe the financial sector must now undertake. It is the movement from collateral to cash flow," he said.

He highlighted the role of technology in widening access to credit, saying lenders could use information from goods and services tax (GST) returns, bank statements, payment records, account aggregator data and digital lending infrastructure to assess businesses.

"This is not an argument for lower standards of credit appraisal. It is an argument for better information and better credit appraisal," Mishra said.

He said financial institutions should increasingly judge businesses on their revenue-generating capacity and growth prospects instead of relying mainly on assets held by their promoters.

"If India is to move from manufacturing to design and innovation, our capital markets, our venture ecosystem and our banks must be equally willing to finance ideas and not merely factories," he added.