Current Context: On 22 September 2026, Union Finance Minister Nirmala Sitharaman urged Indian businesses to shift their ambition from Made in India to Imagined in India. Addressing the 53rd National Management Convention of the All India Management Association in New Delhi, she said India must progress from merely manufacturing products to conceiving, designing and technologically developing them for global markets.
Key Points:
- The convention was organised by the All India Management Association (AIMA).
- Its central theme was Transforming for Tomorrow: Growth with Resilience.
- Indian companies were encouraged to invest more in research and development, patents, software, design and engineering.
- India’s gross expenditure on R&D is approximately 0.83% of GDP, below the OECD average of about 2.7%.
- The domestic private sector contributes only around 36% of India’s R&D expenditure, compared with over 70% in several advanced economies.
- The Finance Minister called for better corporate governance, stronger institutions, higher product quality and fewer manufacturing defects.
- Businesses were advised to serve rural and semi-urban consumers instead of concentrating only on affluent urban markets.
- The proposed transition is linked to India’s goal of becoming a developed economy under Viksit Bharat 2047.
Question
Q1. At which event did Finance Minister Nirmala Sitharaman call for a shift from Made in India to Imagined in India?a) India Mobile Congress
b) Global Fintech Fest
c) AIMA National Management Convention
d) India Energy Week
Answer: c) The statement was made at the 53rd National Management Convention organised by AIMA in New Delhi. The convention focused on building innovative, resilient and globally competitive Indian enterprises.
