The developed nations will not determine the global order, according to Union Finance Minister Nirmala Sitharaman, speaking at the BS Manthan Summit Thursday. Sitharaman's keynote address at the two-day summit focused on 'The Great Reset: India in a New World Order.' The Finance Minister stated that trade and technology will play critical roles in the new global order, and India must participate.
"Developed countries will not determine global order," she asserted, adding that they also require technology and talent. "Developed countries have the money to invest, but that is not going to be sufficient for them either," she said.
Furthermore, speaking about global and bilateral trade, Sitharaman stated, "Every country wants to be treated special and wants to ensure that the special treatment they receive is not automatically extended to everyone else. That is how trade is being reshaped, whether the world accepts it or not... Your trade needs to expand, and your supply chains must be secure."
"Your interests and the interests of your friendly nation are going to determine the movements of goods," she warned.
Technology and Talent Vital
Sitharaman spoke about the role technology will play in the global order. While acknowledging the importance of technology, she acknowledged India's potential limitations, such as costs. She did, however, add that talent was not limited by geography and that India must work to attract talent.
"No country can ignore technology. India is well positioned given the pace at which it is moving," she stated. "We need to attract talent and remain open-minded about it. We should not be concerned that it will take something away from our people."
BS Manthan
Sitharaman's speech comes at a critical time for India, as the country faces geopolitical challenges, China's growing influence, and the potential impact of US tariffs. These factors, as well as broader macroeconomic trends, will be central to the summit's discussions, which will feature top policymakers, industry leaders, and economists sharing their perspectives. Business Standard hosted the second edition of BS Manthan, one of India's premier thought leadership summits, on February 27, which coincided with the publication's 50th anniversary.
