India should be branded as a ‘Responsible Capitalist’ nation: Nirmala Sitharaman

Finance Minister Nirmala Sitharaman has called for branding India as a “Responsible Capitalist” nation, emphasizing the country’s deep understanding of the limitations of capitalism.

Speaking at the 8th India Ideas Conclave organized by India Foundation, Sitharaman highlighted India’s traditional values of sustainable living and responsible consumption.

She said “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 ‘Responsible Capitalist’ country”.

She noted that India’s adoption of principles such as a circular economy and reuse was not driven by global trends but by necessity and responsibility.

“We didn’t follow the circular economy and principle of reuse because we were an impoverished nation. We thought of it as our responsibility to use as per our need and not as per our greed,” Sitharaman said in a social media post.

She highlighted the need to promote this mindset globally by positioning India as a nation that integrates responsibility with economic growth.

The minister also emphasized enhancing tourism by integrating modern technology and traditional knowledge. She suggested creating self-learning digital programs in the top 100 tourist centers across the country. These programs could provide information about the architectural significance, tourism value, and associated languages such as Sanskrit and Pali.

“We should provide learning material for those who want to understand the signature Indian architectural marvels, adopting a multidisciplinary approach to tourism,” she added.

Sitharaman further stressed the importance of establishing global standards in various sectors. She proposed creating a “Bharat FDA” modeled on the lines of the US Food and Drug Administration (FDA) to ensure top-notch standards in food and drug safety.

Highlighting India’s scientific heritage, she noted that India’s strength in science has been unbroken since ancient times. She referenced Nobel laureate Erwin Schrodinger’s acknowledgment of being influenced by Vedanta in his theories.

She said “India’s strength in science has been unbroken since ancient times. Erwin Schrodinger, a top scientist, has said that most of my ideas and theories were heavily influenced by Vedanta”.

Sitharaman said that this scientific legacy should be integrated into the vision of “Brand Bharat,” emphasizing excellence in science and technology to position India as a global leader.