India's economic advancement since 2014 a case study for Harvard Business School: FM Sitharaman

Sitharaman confident in India's sustained progress, aims for developed nation status within 25 years.

Finance Minister Nirmala Sitharaman, speaking at the Gujarat Chambers of Commerce and Industry (GCCI) in Ahmedabad on the theme of 'Viksit Bharat 2047', highlighted India's remarkable progress in restoring its economy, particularly its banking sector, since 2014. Sitharaman emphasized that India's achievements in this regard could serve as a valuable lesson for institutions like Harvard Business School.

“In terms of weighing which India has restored its economy between 2014 and now more particularly banks it’s actually a lesson for Harvard Business School” said Nirmala Sitharaman.

Sitharaman talked about the tough times banks around the world have had due to the COVID-19 pandemic. She mentioned how Silicon Valley Bank, which many startups trusted, collapsed. She said that handling banks after COVID is still a big worry for Western countries. She compared this to how India managed to deal with these problems, even though it started from a difficult position.

“Post-pandemic banks, like Silicon Valley bank which was widely trusted by startups, collapsed and nobody knew about it,” Sitharaman said.

“So even post COVID managing banks, keeping them healthy, ensuring that they don’t collapse is still a raw game for West whereas we have managed them although we started with a fragile situation," Sitharaman added.

Sitharaman expressed confidence in India's ability to sustain this progress, asserting that with continued collective efforts over the next 25 years, the nation would achieve the vision of a developed India, as envisioned in Viksit Bharat. “Another good solid 25 years of Sabka prayaas, we will be able to reach Vikshit Bharat,” the FM said.