"We know that we meet today in the backdrop of ongoing global difficulties. Under these circumstances, and because of the scale of transformation we envisage towards ourselves to reach our shared goal, it needs to be borne in mind that this scale cannot be met solely by government budgets, and that private sector financing will need to play a critical role," Thakur said. The conference, titled 'Financing India's Journey Towards Viksit Bharat', is focused on examining the financing requirements associated with India's development ambitions and finding new ways to mobilise resources. Private Investment Seen As Key To Viksit Bharat Goal Thakur said the scale of economic and developmental transformation envisaged under the Viksit Bharat objective cannot be financed through government expenditure alone. The emphasis on private financing comes as India seeks to expand investment while navigating an uncertain global economic environment. The government has increasingly focused on creating conditions that can attract private investment and support long-term economic growth. The conference involving state and Union Territory finance ministers and finance secretaries is expected to examine the challenges surrounding resource mobilisation and explore alternative financing mechanisms. Sovereign Rating Upgrades Highlight Investor Confidence Thakur also pointed to recent upgrades to India’s sovereign credit ratings, saying these moves reflected international confidence in the country's economic fundamentals and investment environment. According to her, India's macroeconomic stability, fiscal prudence and improving business conditions have strengthened its standing among global investors. Earlier this month, Japan-based credit rating agency JCR upgraded India's sovereign rating to A-, its first such upgrade for the country in 35 years. The agency cited India's economic growth and the strength of its financial system. India also received sovereign rating upgrades from S&P Global Ratings, Japan's Rating and Investment Information Inc. and Morningstar DBRS last year. S&P upgraded India to BBB, while the other two agencies also raised their ratings to BBB. Thakur said the upgrades reflected global recognition of India's economic resilience and medium-term growth prospects even as uncertainties continue to affect the world economy. She also referred to the World Economic Forum's Chief Economists Outlook of May 2026, which identified India among the most attractive destinations for the global business environment. NK Singh Calls For Higher Savings, More Private Capital Former 15th Finance Commission chairman NK Singh also stressed the need to strengthen domestic savings to support the investment requirements associated with Viksit Bharat.