Finance Minister Nirmala Sitharaman called for global reevaluation of capitalism, demanding that India be recognized as the torchbearer of responsible economic growth, she said. Delivering her keynote address at the India Ideas Conclave 2024 in Bengaluru, Sitharaman said, “The method of capitalism that India follows is based on ethical guidelines about sustainability in relation to welfare.”
Sitaraman said India’s model is basically different from that of all other countries, as it doesn’t expand or coerce or exploit people for the growth of the economy. The fact is, she clarified, that India’s economic strategies do not harm public resources like vaccines and financial systems to gain political expediencies. “We do not abuse human or natural resources, nor do we indulge in inimical practices against our neighbourly countries,” she proclaimed.
The concept “LIFE” introduced by Prime Minister Narendra Modi and focused on sustainability in living is a flagship approach of India’s economic philosophy to the Finance Minister. Sustainability lies at the core of India’s cultural belief system, and by making business and lifestyles more eco-friendly, India is positioning itself as a forward-thinking nation and putting long-term ecological balance over short-term economic gains.
“Brand Bharat should represent scientific excellence, technical superiority and ethical integrity,” Sitharaman urged Indian industries, also suggesting that India should have a ‘Bharat Food and Drug Administration’-a version on the lines of the US FDA-this would put the best quality in India’s pharmaceutical sector.
The finance minister also pointed towards increasingly vibrant innovation landscapes in India, especially in quick-commerce, wherein businesses are pioneering ultra-fast delivery models. With the quick-commerce companies promising deliveries within 10-30 minutes, Sitharaman is confident that soon India would emerge as a world leader, offering innovative solutions to modern urban challenges.
Yet, as she embraced new-age models of business, she pointed out that old brick-and-mortar shops should not be banished. Survival and growth of these brick-and-mortar spaces should complement each other with burgeoning digital and quick-commerce businesses to create an equal, balanced, and inclusive economic ecosystem.
These initiatives, highlighted by Sitharaman, pointed out how India’s economic strategy can serve as the ethical and sustainable alternative to traditionally thought capitalist models in paving the way for both economic growth and societal well-being.
Important Links:
India’s Unique Approach to Capitalism – This Economic Times article explains how India is carving a path to a sustainable economy, avoiding exploitation and aggressive capitalism.
Prime Minister Modi’s LIFE Concept – For more information on the Lifestyle for Environment (LIFE) movement, you can read about it on India’s official PMO website.
Bharat FDA Proposal – Learn about the potential for a ‘Bharat FDA’ to regulate pharmaceutical standards, as discussed by Nirmala Sitharaman, on Business Standard.
India’s Quick-Commerce Revolution – A detailed look at how India’s quick-commerce ecosystem is changing retail models can be found on YourStory.
Sustainable Business Practices in India – This Global Times article highlights India’s push for sustainable and ethical business growth in alignment with global economic trends.
Supporting Brick-and-Mortar Stores in a Digital Era – This article on Forbes India explores the balance between physical retail and modern business models.