Nirmala Sitharaman In Mexico: FM Speaks For The Need For 'Responsible Capitalism'

As a part of engaging and reinforcing ties with one of the biggest names in Latin America, India's finance minister, Nirmala Sitharaman, is in Mexico.

FM Pays Tribute to Ratan Tata

The FM, who was in the city of Guadalajara, in Mexico, visited the Tata Consultancy Headquarters as a part of the event and paid her tributes to the former Tata Group head Ratan Tata.

The industry stalwart passed away on October 9 in Mumbai after being at the helm of the Tata group for over three decades.

Focus On Tech

Nirmala Sitharaman focused appeared to cement the ties through the ever-expanding landscape of technology. Given the importance of the sector in the larger economy, the FM chaired a roundtable of Tech Leaders at the Chamber of Commerce in Guadalajara.

Addressing the gathering, one of the longest-serving FMs spoke about the opportunity and responsibilities for both Mexico and India. According to Sitharaman, the two countries are similarly placed economies and need to leverage this by collaborating with one another.

Responsible Capitalism

In addition, the FM said, "Mexico has been thriving through nearshoring, which has resulted in collaboration between multinational companies and enabled the exchange of talent as well as joint efforts for risk mitigation."

Invoking her government's advance in the sector, the FM cited the setting up of Centres of Excellence or CoE.

The FM also laid emphasis on AI in health and healthcare, agriculture, and sustainable cities. She also focused on collaboration between India and Mexico on the front of startup and invoked the idea of 'Responsible Capitalism'.

Mexico is deemed an emerging economy and had a nominal GDP of USD 1.4 trillion, finding itself as the 14th largest economy in the world. Meanwhile, India, as per some estimates, is the world's 5th largest economy with a nominal GDP of USD 3.3 trillion.