Finance Minister Nirmala Sitharaman emphasized the need to position India as a “Responsible Capitalist” nation, highlighting its unique approach to economic growth. Speaking at the 8th India Ideas Conclave hosted by the India Foundation, she underscored India’s deep-rooted values of sustainability and mindful consumption. According to Sitharaman, India has historically practiced resource-conscious principles not due to poverty but as a moral responsibility to meet needs rather than greed.
She stressed that India’s adoption of concepts like the circular economy and reuse stems from a sense of duty, not external influences. This intrinsic approach, she believes, should be promoted globally, showcasing India’s blend of responsibility with economic development.
To boost tourism, Sitharaman proposed integrating technology and traditional knowledge by creating self-learning digital resources at the top 100 tourist destinations. These programs could educate visitors on architectural heritage and classical languages like Sanskrit and Pali. She emphasized a multidisciplinary approach to showcase India’s rich cultural and historical significance.
Sitharaman also called for setting global benchmarks in sectors like food and pharmaceuticals by establishing a “Bharat FDA,” akin to the US FDA, ensuring stringent safety standards. Highlighting India’s enduring scientific prowess, she noted the influence of Indian philosophy on modern science, citing Nobel laureate Erwin Schrodinger’s acknowledgment of Vedanta’s impact on his work.
She concluded by advocating for integrating this scientific heritage into the broader “Brand Bharat” vision, reinforcing India’s potential as a global leader in science and technology, and merging tradition with innovation to shape a responsible capitalist future.
