Vijayanagara (Karnataka), Dec 21 (PTI) Union Finance Minister Nirmala Sitharaman on Sunday underscored the need to strengthen India's financing architecture, simplifying governance frameworks and harnessing artificial intelligence to accelerate the country's transition towards a developed nation.

The minister chaired a 'Chintan Shivir' of the Ministry of Finance and the Ministry of Corporate Affairs in Vijayanagara district in Karnataka.

The day-long deliberations focused on aligning policy thinking with the vision of Viksit Bharat, with senior officials brainstorming reforms to deepen financial markets, improve the ease of doing business and deploy emerging technologies in governance while retaining human oversight and accountability.

"Chintan Shivir provides a platform for higher-order thinking, which, when translated into policy, can accelerate India's transition towards #ViksitBharat," Sitharaman said in a post on 'X' after the event.

The Chintan Shivir was held in the presence of Union Minister of State for Corporate Affairs Harsh Malhotra and was attended by senior officers from the Ministry of Finance and the Ministry of Corporate Affairs.

Discussions were organised around three thematic groups -- Financing for Viksit Bharat, Ease of Doing Business for Viksit Bharat and AI for Viksit Bharat -- each of which deliberated in detail before presenting its recommendations for collective discussion.

On financing, participants highlighted the need to strengthen the overall architecture by empowering states and urban local bodies, deepening corporate bond markets, expanding digital and collateral-free lending, and catalysing higher levels of private investment.

The emphasis, officials said, was on ensuring adequate and timely access to capital to support growth across sectors and regions.

Deliberations on ease of doing business centred on advancing simpler and more predictable laws, non-intrusive and data-driven compliance mechanisms, reduced regulatory costs, faster dispute resolution and trust-based systems across GST, customs and corporate processes.

Sitharaman stressed that governance reforms must move away from presumptions of non-compliance and instead be anchored in facilitative, trust-based administration.

On the use of technology, especially artificial intelligence, the finance minister noted that AI could serve as an assistant and strategic tool across governance.

She pointed out that while AI can support groundwork and help detect evasions, it must remain guided by human intelligence, judgment and accountability.

Reiterating India's aspiration to become a prosperous nation by 2047, Sitharaman called upon all participants to contribute actively to this collective effort, observing that sustained prosperity is essential for reducing poverty and inequality and for achieving inclusive, long-term development. PTI GMS KH

Viksit Bharat governance reforms aim to simplify laws, deepen financing, and deploy AI as an assistant under human oversight. Emphasis on strengthening financing architecture by empowering states and local bodies, deepening corporate bond markets, expanding digital and collateral-free lending, and catalysing private investment to ensure timely capital access; coupled with calls for simpler, predictable laws, non-intrusive data-driven compliance, reduced regulatory costs, faster dispute resolution and trust-based administration. AI is endorsed as a governance assistant for detection and analysis but must remain subject to human judgment and accountability.