At the Indian Institute of Corporate Affairs (IICA) North East Conclave held in Shillong, Finance Minister Nirmala Sitharaman underscored the importance of adapting globalisation to local realities. She called for a model of capitalism rooted in humanism and ethical business practices.
“We don’t need a version of globalism that overwhelms us,” Sitharaman said. “What we need is business grounded in accountability and aligned with local values.”
Citing the ethical principles of the North East, particularly respect for kinship and community, the Finance Minister noted that these reflect the ideals of stakeholder capitalism.
Highlighting logistical challenges in the region, Sitharaman urged for better infrastructure such as airlifting and warehousing facilities to improve the transport of local produce. “It is unacceptable that pineapples still need to be transported by road all the way to Mumbai,” she remarked, expressing frustration at the slow pace of development.
She also lauded the establishment of the IICA’s second campus in Shillong, saying it would help facilitate dialogue and compliance among professionals in the region. The IICA, a think tank under the Ministry of Corporate Affairs, was founded in 2006 to build capacity in corporate governance and public policy.
Referring to the growing entrepreneurial spirit in the North East, Sitharaman noted that the region is home to over 2,300 DPIIT-recognised startups, including 69 in Meghalaya alone. She encouraged institutions like IIM Shillong and the new IICA campus to foster collaboration and support for budding entrepreneurs.
“Young people are catching up fast with global trends. With the right policy support, this could be a promising time for entrepreneurship,” she said.