Nirmala Sitharaman, the Union Finance Minister, stated that capitalism with democracy and capitalism that is socially conscious is a wonderful answer for everyone. The minister was speaking on "Viksit Bharat @2047" at an event in Ahmedabad hosted by the Gujarat Chamber of Commerce & Industry (GCCI).
The finance minister was responding to a seventh grade student, who questioned her about the best economic system among communism, socialism, and capitalism.
"It's capitalism, which has historically proven to be successful in the removal of poverty & in the creation of wealth, but today, there's also a feeling that unbridled capitalism is also not good," she went on to say.
"Thankfully in India, under the Modi Govt, we understand where Capitalism needs to be tempered down a bit so that communities will benefit & not just one person," Sitharaman told a news conference.
Sitharaman emphasized India's economic development, citing previous problems such as double-digit inflation. She also discussed Gujarat's important role in attracting investment, as well as its successes in textiles, chemicals, electronics, and aerospace.
"Viksit Bharat is not a lofty dream; it is an attainable goal," the finance minister stated, emphasizing the reality of India's economic ambitions.
Sitharaman expounded on the logic for setting the objective for 2047, saying, "Pegging it to 2047 is not because it is 100 years of independence, but today we are in a position where with another 25 years of good solid 'Sabka Pyaras', we will be able to reach it."
