Nirmala Sitharaman urges firms to embrace 'imagined in India' innovation
Finance Minister Nirmala Sitharaman is encouraging Indian companies to go beyond just "made in India" and start focusing on "imagined in India;" basically, she wants products to be dreamed up and built here, not just assembled.
She told business leaders that real innovation should happen at home so Indian ideas can shine globally.
Sitharaman urges private R&D investment
India's R&D spending is just 0.83% of GDP, much lower than countries like those in the OECD (which average 2.7%).
Sitharaman urged private companies to step up their game and invest more in research.
She also pointed out that many family-run MSMEs need better governance and clearer rules for growth.
Her message: If we want a developed, resilient India by 2047 (Viksit Bharat), today's businesses need to focus on quality, reliability, and fresh ideas.