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Panaji, India – November 24, 2024
Union Finance Minister Nirmala Sitharaman has called for the establishment of a “Bharat Food and Drug Administration” (Bharat FDA) to set global benchmarks for pharmaceuticals and food safety standards. Speaking at the 8th India Ideas Conclave, organized by the India Foundation, the minister emphasized the need for India to assert itself as a leader in innovative solutions while adhering to sustainable development.
“India is setting global standards in pharmaceuticals,” Sitharaman said. “As the US FDA standards have proven beneficial for exports, can we, in India, not have a Bharat FDA to set our own global standards and benchmarks? We need to focus on that.”
Brand India: A Vision for Innovation and Sustainability
The minister underscored the importance of building “Brand India” as a hub for modern, innovative solutions tailored to urban challenges. She highlighted Prime Minister Narendra Modi’s vision of LiFE—Lifestyle for Environment—as a model to drive India’s economic growth in harmony with sustainability. “Our growth model should align with nature-friendly practices, which are intrinsic to India,” Sitharaman noted.
Cultural Tourism and Learning Platforms
Sitharaman also proposed leveraging India’s cultural heritage to enhance tourism. She suggested developing digital, self-learning platforms to educate tourists on the architecture, history, and linguistic significance of the country’s top 100 tourist destinations. “These tools should provide multi-disciplinary learning about India’s architectural marvels, making tourism a more enriching experience,” she said.
Advocacy for a Circular Economy
Addressing the need for sustainable practices, the Finance Minister reflected on India’s historical ethos of resource efficiency. She criticized the over-reliance on capitalist models and emphasized the value of a circular economy, which minimizes waste and maximizes the reuse of resources. “We must brand India as a ‘Responsible Capitalist’ country that uses resources based on need, not greed,” Sitharaman remarked.
Support for Startups and the Gig Economy
Turning to the startup ecosystem, Sitharaman highlighted the potential of innovations like quick commerce, encouraging them to evolve into global players. She praised the rapid growth of India’s gig economy and its role in driving economic dynamism.
The conclave brought together policymakers, industry leaders, and intellectuals to deliberate on shaping India’s future. Sitharaman’s proposals, from creating a Bharat FDA to promoting sustainable and responsible growth, reflect her vision of India as a global leader in innovation and ethical capitalism.
