Finance Minister Nirmala Sitharaman promoted responsible capitalism, emphasizing India's unique approach over aggressive tactics for economic growth. At the India Ideas Conclave 2024, she highlighted India's commitment to ethical practices, sustainable living, and innovation. Sitharaman proposed a 'Bharat Food and Drug Administration,' stressing quality and ethics. She envisions India as a global leader in modern solutions while supporting traditional businesses' growth in the evolving marketplace.
Finance Minister Nirmala Sitharaman delivered an inspiring address on Friday, emphasizing the need to reshape economic paradigms and position India as a beacon of responsible capitalism. She highlighted India's unique approach, contrasting it with others' aggressive and exploitative tactics in the pursuit of economic prosperity.
Speaking at the prestigious India Ideas Conclave 2024 in Bengaluru, Sitharaman underscored India's commitment to nurturing its people and fostering robust institutions. She proudly stated that India refrains from weaponizing public goods, demonstrating a compassionate stance towards its citizens and neighbors alike.
Central to India's economic philosophy, Sitharaman referenced Prime Minister Narendra Modi's concept of LiFE (Lifestyle for Environment), advocating for sustainable living practices and environmental stewardship deeply ingrained in Indian heritage.
Proposing the establishment of a 'Bharat Food and Drug Administration' akin to the renowned US FDA, Sitharaman urged the industry to prioritize top-notch products, emphasizing the importance of excellence in science and ethics under the 'Brand Bharat' banner.
Highlighting India's burgeoning innovation landscape, particularly in the realm of quick commerce, where goods are delivered within minutes, Sitharaman envisioned India as a global hub for cutting-edge solutions to modern urban challenges.
Amid this drive for innovation, Sitharaman also stressed the significance of supporting traditional brick-and-mortar stores, underscoring the need to sustain their growth alongside the dynamic evolution of India's business ecosystem.
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