Global order won't be determined by developed nations: FM Sitharaman

Finance Minister Nirmala Sitharaman spoke on the theme 'The Great Reset: India in a New World Order' at BS Manthan

The global order will not be determined by developed nations, Union Finance Minister Nirmala Sitharaman said at the BS Manthan summit on Thursday. 

 

In her keynote address at the two-day summit, Sitharaman spoke on the theme ‘The Great Reset: India in a New World Order.' The Finance Minister said that trade and technology will play a crucial role in the new world order and that India would need to participate. 

 

"Global order will not be determined by developed countries," she asserted, adding that developed countries also need technology and talent. "Developed countries have the money to invest, but that is not going to be sufficient for them either," she said.

 

  The Finance Minister said a global churn or reset is happening, and India would have to keep its strategic requirements at the top of agenda. "We should put India's interest first. We can't be in the phase of non-alignment," she said.

 

Speaking about global and bilateral trade, Sitharaman said, "Every country wants to be treated special and wants to be sure that the special treatment that they get is not by default given to everybody else. That is the way in which trade is being refashioned whether world accepts it or not... Your trade has to grow and your supply chains will also need to be ensured."

 

"Your interests and the interests of your friendly nations is going to determine the movements of goods," she said.

  Follow LIVE updates on BS Manthan here: BS Manthan LIVE updates 

Tech and talent vital

Sitharaman spoke on the importance technology will play in on the global order. While recognising that technology is vital, she acknowledged the limitations, such as costs, that India may face. However, she added that talent was not a geographical limitation and that India would need to work on attracting talent.

 

"There is no way any country can ignore technology. The pace at which it is moving forward, India is well positioned," she said. "We need to attract talent and we need to be open-minded about it. We should not be scared that it will take away something from our people."

 

BS Manthan

Sitharaman’s address comes at a pivotal moment for India, as the country works to solidify its global standing while navigating  complex geopolitical challenges, China's growing influence, and the potential impact of US President Donald Trump’s tariffs. These factors, along with broader macroeconomic trends, will be central to discussions at the summit, where top policymakers, industry leaders, and economists will share their insights.

 

Business Standard is hosting the second edition of BS Manthan, one of India’s premier thought leadership summits, on February 27-28; the event also coincides with the 50th anniversary of Business Standard’s publication.