India should be branded as a 'Responsible Capitalist' nation: FM

Union Finance Minister Nirmala Sitharaman has underscored the importance of branding India as a "Responsible Capitalist" nation, highlighting the country’s values of sustainability, responsible consumption, and economic prudence. Speaking at the 8th India Ideas Conclave organized by the India Foundation in Bengaluru, she emphasized the need to integrate ethical responsibility with economic growth. “We thought of it as our responsibility to use as per our need and not as per our greed. We must understand that capitalism has its limitations, and we need to brand India as a 'Responsible Capitalist' country,” she stated. Sitharaman elaborated on India’s historical practices of sustainable living, pointing out that concepts like the circular economy and reuse were embedded in the country’s ethos long before global trends emerged. “We didn’t follow the circular economy and principles of reuse because we were an impoverished nation. It was driven by necessity and responsibility,” she said in a social media post, urging the promotion of this mindset as a unique Indian contribution to global capitalism.

We didn't follow the circular economy and principle of re-use because we were an impoverished nation. We thought of it as our responsibility to use as per our need & not as per our greed. We must understand that capitalism has its limitations & we need to brand India as a… pic.twitter.com/9oxtu84pkp

— Nirmala Sitharaman Office (@nsitharamanoffc) November 22, 2024

Global Standards and Scientific Legacy
On establishing global standards, Sitharaman proposed the creation of a "Bharat FDA," modeled after the US FDA, to elevate food and drug safety benchmarks and solidify India’s reputation for quality compliance. Emphasizing India’s scientific heritage, she highlighted the country’s unbroken strength in science since ancient times, referencing Nobel laureate Erwin Schrödinger's acknowledgment of Vedanta’s influence on his theories.

( Business Correspondent)