Latest news with #NorthEastConclave

Business Standard

Globalisation must be tempered to local needs: FM Nirmala Sitharaman

The need of the hour is to have globalisation that is tempered to local requirements and a form of capitalism that includes humanism, Finance Minister Nirmala Sitharaman said on Friday. Speaking at the Indian Institute of Corporate Affairs (IICA) North East Conclave in Shillong, Meghalaya, the Finance Minister said, 'We don't need globalism that will sweep us out. What we need now is to embed your business with more accountable practices.' Sitharaman was referring to the ethical principles that govern the North East region, one of which, she said, was the respect for kinship and community, reflecting the essence of stakeholder capitalism. The Finance Minister stressed the need for the North East region to have better logistics, such as airlifting and warehousing facilities, to transport goods across the country with greater speed and efficiency. 'There is a lot of work yet to happen — this is my grievance and, for that, I think a lot more work has to be done. There's no way in which, by now, pineapples should have to travel by road all the way to Mumbai,' Sitharaman said. The IICA, an organisation under the Ministry of Corporate Affairs, has set up its second campus in Shillong. Established in 2006, the IICA functions as a think tank assisting the Ministry of Corporate Affairs (MCA) and providing capacity building for public and private sector professionals in corporate governance and public policy. While highlighting that there are 2,300 DPIIT-recognised startups in the North-East region, of which 69 are based in Meghalaya, Sitharaman said, 'It is important that institutions like IIM Shillong help in cross-pollination, bringing all professionals together, meeting regularly. And now that IICA is here, they should become the agents of bringing people together so that greater discussions and compliance-related issues can be addressed.' Praising the setting up of the IICA branch in Shillong, Sitharaman said that youngsters were quickly catching up with what the world wants them to do. If policy support also follows, it marks a very good stage for entrepreneurship development.