Finance Minister Nirmala Sitharaman highlighted the need to reshape global perceptions of capitalism, positioning India as a model of responsible economic growth. She underscored that India’s approach to capitalism is rooted in ethical practices and sustainability.
Finance Minister Nirmala Sitharaman on Friday emphasized the need to reimagine economic systems and position India as a “responsible capitalist country.” Speaking at the India Ideas Conclave 2024 in Bengaluru, she highlighted India’s unique approach to capitalism, which prioritizes people’s well-being and the growth of institutions.
Sitharaman said that unlike other nations, India’s economic model avoids expansionism, aggression, coercion, or exploitation to achieve economic growth. She pointed out that India does not misuse public goods like vaccines or financial systems for power. “We don’t exploit human or natural resources, nor do we cause harm to neighboring countries for selfish economic interests,” she said.
The finance minister explained that India’s economic model is aligned with the concept of “LiFE” (Lifestyle for Environment), an idea introduced by Prime Minister Narendra Modi to promote sustainable living. She noted that sustainability has always been a part of India’s cultural values.
Pitch For A ‘Bharat FDA’
Sitharaman proposed the creation of a ‘Bharat Food and Drug Administration’ (FDA) for pharmaceuticals, modeled after the US FDA. She urged Indian industries to prioritize high-quality standards in their products.
“Brand Bharat should symbolize scientific excellence and stand for both technical and ethical quality,” she said.
The minister also highlighted India’s innovation potential, citing the rapid growth of the country’s quick-commerce ecosystem, where companies promise deliveries within 10-30 minutes. She said India could become a global hub for innovative solutions to modern urban challenges.