Amid changing global order, India must be prepared to tackle challenges: FM Sitharaman

SAN FRANCISCO: Union Minister of Finance and Corporate Affairs, Nirmala Sitharaman, stated that amid the changing world order, India must prepare to tackle challenges and seize opportunities.

Speaking at Stanford University’s Hoover Institution in California during her address on ‘Laying the Foundations for a Developed India – Viksit Bharat by 2047’, Sitharaman emphasised the importance of staying committed to long-term national goals while remaining aware of current realities.

She said, “As we lay the foundation for a developed India, we must stay committed to long-term goals, without losing sight of present realities. The global order is changing. That poses challenges but also opportunities. We must be prepared to tackle the former while seizing the latter”.

The minister also pointed out that within the country, economic growth, employment generation, environmental sustainability, and social inclusion are not separate or competing priorities. Instead, they are interlinked goals that must be pursued together.

A report by Indiaspora and BCG shows that Indian first-generation immigrants founded 72 unicorns between 2018 and 2023. These unicorns were worth at least USD 195 billion in valuation and employed nearly 55,000 people.

More than 65 per cent of Global Capability Centres (GCC) in… pic.twitter.com/hDAaLVQ34Q

— Nirmala Sitharaman Office (@nsitharamanoffc) April 22, 2025

Sitharaman said the vision of a Viksit Bharat (Developed India) cannot be realized by the government alone. It will require the collective effort of every citizen. “This vision calls upon us to think boldly, act inclusively, and stay resilient and flexible,” she said.

She also highlighted the contribution of the Indian diaspora to the global economy. Citing a report by Indiaspora and BCG, she said that between 2018 and 2023, first-generation Indian immigrants founded 72 unicorns — companies valued at over $1 billion. These companies had a combined valuation of at least $195 billion and provided jobs to nearly 55,000 people.

Sitharaman mentioned that over 65 per cent of Global Capability Centres (GCCs) in India have their headquarters in the United States. These centres offer high-value services such as research and development, management consulting, and auditing.

She acknowledged that while the US has had a mature startup ecosystem for over five decades, India’s journey in the start-up space is still in its early stages. However, over the past ten years, the Indian government has focused on reducing the cost and risk of starting new businesses by removing regulatory and infrastructure-related obstacles.

India’s goal to become a developed nation by 2047 is not just an aspiration but a shared national mission, driven by inclusive, sustainable, and innovation-led growth. Despite global disruptions like the pandemic and banking crises, India’s strong macroeconomic fundamentals and consistent reforms over the past decade have kept the country on track.

She also underlined the government’s push for infrastructure development, which has laid a solid foundation for manufacturing-led growth and improved investor confidence. The minister said, “As a result, India has risen from the world’s tenth-largest economy to the fifth-largest, a clear sign of our growing strength and global relevance”.

This progress, she added, was made possible by a more than fourfold increase in the Union Government’s capital expenditure between 2017-18 and the 2025-26 Budget. Sitharaman is on five-day official visit to the United States, which began on April 20. (ANI)