Finance Minister Nirmala Sitharaman called for an economic shift from “Made in India” to “Imagined in India” on 22 September 2026 at the 53rd National Management Convention of the All India Management Association in New Delhi. The phrase refers to products that are conceived, designed, and technologically developed in India before being manufactured and marketed globally.
Concept of ‘Imagined in India’
The “Imagined in India” idea places emphasis on innovation, design, and technology development. It extends beyond domestic manufacturing and includes original product conception, engineering, and intellectual property creation within India.
Research and Development in India
The Finance Minister called for higher corporate spending on research and development through in-house facilities and collaboration with academia. India’s Gross Expenditure on R&D stands at 0.83% of GDP, while the OECD average is 2.7%, China’s level is 2.6%, and the United States spends 3.5% of GDP on R&D.
Business Structure and Market Focus
She referred to the need for greater professionalisation in business management, especially in family-owned enterprises. She also called for a clearer separation between ownership and management in corporate structures.
She asked businesses to look beyond premium products for urban consumers and address demand in agriculture, rural construction, transport, and informal enterprises. These sectors form part of India’s wider consumption base and industrial ecosystem.
Important Facts for Exams
- Gross Expenditure on R&D is a standard indicator used to compare national research intensity as a share of GDP.
- The OECD is the Organisation for Economic Co-operation and Development, a grouping of advanced and emerging economies.
- Intellectual property includes patents, trademarks, copyrights, and industrial designs.
- Viksit Bharat by 2047 is a national goal linked with India’s centenary of independence in 2047.
Viksit Bharat by 2047
Viksit Bharat by 2047 is linked with India’s centenary year of independence in 2047. The target is associated with enterprises that are innovative, resilient, well-governed, and globally competitive.
