Finance Minister Nirmala Sitharaman has called for responsible capitalism to support equitable growth.
“For large economies, the challenges are not just around growth but also to bridge the gap and create opportunities for all, and that there is a need for responsible capitalism,” a social media post on X said, quoting her during her address to the Tech Leaders Roundtable at the Chamber of Commerce, Guadalajara at Mexico. She was chairing the meeting to discuss ‘Strengthening Technological Cooperation between India and Mexico.’ She is in Mexico on an official visit.
She spoke about the opportunities and responsibilities for similar economies and how India and Mexico can leverage and collaborate. She said that Mexico has been thriving through nearshoring, which has resulted in collaboration between multinational companies and enabled the exchange of talent as well as joint efforts for risk mitigation. The Minister highlighted the rapid transformation that has been taking place in India while working towards the goal of Viksit Bharat in 2047
Citing new areas of development and collaboration between the two countries, she referred to the key Budget Announcement made regarding the setting up Centres of Excellence (COE). She shared with the audience information regarding the recently identified and announced COE in India for working in AI in health and healthcare, agriculture, and sustainable cities. She mentioned that all these areas are also relevant to Mexico. She also said that both countries can explore working together in these areas through collaboration between start-ups and academic institutions.
Later, she reached Tata Consultancy Services (TCS) headquarters and paid tribute to the iconic industrialist Ratan Tata. She also addressed the senior staff and employees there.
Sitharaman is leading the official delegation in Mexico. During her stay there, she will also hold a bilateral meeting with her counterpart, Rogelio Ramirez de la O, Minister of Finance and Public Credit of Mexico. The Union Finance Minister will also hold discussions with several members of the Mexican Parliament to strengthen parliamentary cooperation and foster economic development.
In Mexico City, Sitharaman will deliver a keynote address at the India-Mexico Trade and Investment Summit, which will include key industry captains from both countries. She will also engage with leading business figures and industry representatives from Mexico. These meetings with leading business leaders and investors aim to highlight India’s policy priorities and deliberate measures to facilitate foreign investment by showcasing India’s attractiveness as an investment destination.
In the last leg of her maiden visit to Mexico, the Union Finance Minister will participate in a community event hosted by the Indian diaspora.
US visit
From Mexico, she will visit the USA from October 20 to 26 to participate in the Annual Meetings of the International Monetary Fund (IMF) and the World Bank, the 4th G20 Finance Ministers and Central Bank Governor (FMCBG) Meetings, the G20 Joint Meeting of FMCBGs, Environment Ministers, and Foreign Ministers, and the G7—Africa Ministerial Roundtable.
In the course of her two-city visit to New York City and Washington D.C., the Union Finance Minister will participate in the Pension Funds Roundtable at New York Stock Exchange, interact with students and faculty at the Wharton School, University of Pennsylvania, and also at the Columbia University; and the Global Sovereign Debt Roundtable (GSDR) and take part in discussions organised by the Coalition for Disaster Resilient Infrastructure (CDRI) and Centre for Strategic and International Studies (CSIS) respectively.