This is an archive article published on November 23, 2024
Our gig firms set for global league, says FM Sitharaman
Speaking at the 8th India Ideas Conclave organised by India Foundation in Bengaluru, Sitharaman said India's start-ups and gig economy units, truly represent the kind of innovation that India is capable of.
On Friday, the Reserve Bank of India (RBI) lowered its GDP growth forecast to 6.6% from 7.2% projected earlier.
Indian innovations such as quick commerce could join the league of the biggest players in the international tech business space over time, finance minister Nirmala Sitharaman said on Friday, calling for a strong “Bharat Brand” in multiple sectors.
She, however, said traditional brick-and-mortar retailing is facing some challenges and will need hand-holding.
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Speaking at the 8th India Ideas Conclave organised by India Foundation in Bengaluru, Sitharaman said India’s start-ups and gig economy units, truly represent the kind of innovation that India is capable of. The minister said the country must capitalise on these ventures to establish “brand India” as a destination of innovative solutions to modern urban needs.
Quick commerce is a fast-growing consumer sector in India. Such companies have developed robust infrastructure and logistics networks to ensure rapid delivery of goods, she noted.
The minister said India should have a Bharat Food and Drugs Administration (FDA), which could set standards like the US-FDA, and help accelerate exports of pharmaceutical formulations. “Just like the US FDA, we must have our Bharat FDA of global standards,” she said.
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The minister said it was important that in the top 100 tourist centres in India, digital self-learning programme of the architecture of that site is available. “We should give learning material for those who want to understand the signature Indian architect marvels so as to provide a multi-disciplinary approach to tourism,” she said.
India didn’t follow the “circular economy” model and principle of re-use because India was an impoverished nation, she noted. Circular economy is the model which seeks to reduce waste and encourage sustainable use of natural resources to boost production and consumption.
“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 said.
On Friday, the Reserve Bank of India (RBI) lowered its GDP growth forecast to 6.6% from 7.2% projected earlier. 
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