At the Business Standard Manthan Summit in New Delhi, Union Finance and Corporate Affairs Minister Nirmala Sitharaman emphasized the growing importance of bilateral trade and investment, as multilateralism continues to decline. Delivering the keynote address, she stressed that India must put its interests first in an evolving global order. Bilateral partnerships are becoming more relevant as nations increasingly seek special treatment in global trade. Sitharaman highlighted the need to rethink the most-favoured-nation status and adapt to a world where economic relations are more personalized than ever.

The summit, marking Business Standard’s 50th anniversary, brought together some of India’s most influential policymakers, economists, and business leaders, including Bhupender Yadav (Union Environment Minister), P.K. Mishra (Principal Secretary to the PM), Amitabh Kant (India’s G20 Sherpa), Uday Kotak (Founder, Kotak Mahindra Bank), and Chris Wood (Global Head of Equity Strategy, Jefferies).

Amitabh Kant called for a reduction in government intervention, pushing for an economic environment that encourages private enterprise. He advocated for a greater focus on renewable energy, urging the government to prioritize electric vehicles in procurement and emphasizing the need for 8.5–9% annual GDP growth. The increasing role of the G20 was another key takeaway, as traditional institutions like the United Nations Security Council struggle with dysfunction.

Technology and talent emerged as key themes during the discussions. Sitharaman stressed the need to position India as a global hub for technological innovation, advocating for policies that attract international talent while ensuring domestic workforce development. Fiscal discipline remained a critical concern, with an emphasis on state-level participation in economic reforms.

The summit also explored the challenges of climate change. Environment Minister Bhupender Yadav highlighted India’s 33% reduction in emissions intensity since 2005 and the country’s efforts to expand its share of renewable energy. He emphasized that climate change extends beyond rising temperatures, affecting biodiversity, land degradation, and agricultural sustainability. Technology transfer and capacity building emerged as key strategies for assisting developing nations in their climate resilience efforts.

Despite India’s rapid economic transformation, agriculture remains a vital sector. P.K. Mishra dismissed the notion that economic growth diminishes agriculture’s importance. He noted that while its share in GDP has declined, the sector continues to employ a significant portion of the workforce and plays a crucial role in exports. Strengthening agricultural resilience and ensuring food security were highlighted as priorities.

India’s financial markets and investment strategies were also in focus. Chris Wood from Jefferies analyzed market trends, noting strong domestic mutual fund inflows despite foreign investor outflows. He projected Sensex and Nifty to deliver 10–15% returns over the next year, provided foreign investments regain momentum.

Uday Kotak reflected on the shifting global economic landscape, attributing much of the change to Trump-era policies. He called for enhanced global competitiveness in Indian industries, advocating for the emergence of a globally recognized Indian brand within the next five years. The defence sector took center stage in discussions on India’s self-reliance strategy. DRDO Chief Samir V. Kamat and Admiral (Retd.) R. Hari Kumar emphasized the importance of private sector participation in achieving defence self-sufficiency by 2047. Rajinder Singh Bhatia from the Society of Indian Defence Manufacturers insisted that India cannot afford to remain a net importer of security, calling for greater collaboration across sectors.

As the summit drew to a close, NFRA Chairperson Ajay Bhushan Pandey addressed the future of financial reporting and corporate accountability, highlighting the importance of independent oversight. The first day of Manthan reinforced the urgent need for economic recalibration, strategic innovation, and policy-driven reforms. With discussions set to continue on the final day, the focus remains on India’s path forward in an increasingly complex global environment.

Disclaimer: This image is taken from Priyanka Parashar.