India’s Minister of Finance discusses India’s economic growth at Wharton fireside chat #IndiaFinance

Wharton students and faculty gathered for a fireside chat with Nirmala Sitharaman, India’s Minister of Finance and Corporate Affairs, at Huntsman Hall on Oct. 22.

The event was co-hosted by the Wharton Initiative on Financial Policy and Regulation and the Wharton India Economic Forum. The conversation, which attracted over 100 attendees, was moderated by Howard Butcher III Professor of Finance Joao Gomes, and Joseph J. Aresty Professor and Executive Director of the Wharton-Indian School of Business Program Jagmohan Raju.

Sitharaman, an influential figure in global finance and Indian politics, shared insights into India’s economy and the transformative policies that have positioned the nation on a global stage. Her tenure as Minister of Finance, beginning in 2019, and her leadership in various other portfolios — including her role as India’s first full-time female Minister of Defence — have made her a key player in shaping the country’s financial and corporate strategies.

The minister discussed India’s path to a developed nation by 2047. She highlighted the four “I’s” — infrastructure, investment, innovation, and inclusiveness — as key to India’s path toward becoming a developed nation.

“India is at a very critical juncture when you look at the ways India has to move forward,” she said to the audience. “We have set ourselves a destination of becoming a developed nation in 2047.”

During the fireside chat, Sitharaman discussed how India’s digital public infrastructure is rising, particularly through advancements in financial technologies. The minister emphasized how the Indian government’s policies are designed to promote long-term growth and inclusivity, with specific attention to the role technology plays in economic development. She also discussed the benefits of the Ayushman Bharat Scheme, calling it one of the best social security programs.

“Today, India wouldn’t have been the fastest growing economy if the people hadn’t utilized the digital infrastructure, which was available to them at free of cost,” Sitharaman told the audience. “It reached the people through various campaigns & awareness programmes even in their own local languages.”

Wharton first year Sidhya Ganesh expressed her excitement about being in the same room as the finance minister.

“Getting to be in the same room as Shrimati Nirmala Sitharaman was truly an incredible experience,” Ganesh said. “India has truly been all the buzz recently with hosting the first-ever G20 summit in India and really just growing globally and massively in terms of economy, innovation, and entrepreneurship amongst youth.”

Second-year bioengineering graduate student Yeshwanth Mahesh commended Sitharaman’s authoritative presence and insightful perspectives.

“Her thoughts on the global economy were truly impressive, and her responses to the questions from both faculty and students really highlighted her command over the issues,” he said.

In addition to discussing India’s economic growth, Sitharaman also highlighted the importance of student involvement in global finance. She encouraged Penn students to consider internships and research opportunities within India’s finance sector.

Sitharaman’s visit to Wharton came as part of her larger agenda, which includes meetings at the Annual Meetings of the International Monetary Fund and the World Bank Group, G20 Meeting of Finance Ministers and Central Bank Governors, and bilateral meetings in Mexico and USA.