Bengaluru, Nov 23 (IANS) India is setting standards in pharmaceuticals and like the US Food and Drug Administration (FDA), we should also aim to create Bharat Food and Drug Administration (FDA) for global standards and benchmarks, Union Finance Minister Nirmala Sitharaman has stressed.

Speaking at the 8th India Ideas Conclave organised by the India Foundation here, FM Sitharaman said the country must establish “brand India” as a destination of innovative solutions to modern urban needs.

“India is setting standards in pharmaceuticals. As US FDA Standards are useful for exports, can we, in India, not have Bharat Food and Drug Administration (FDA) which can give global standards and benchmarks? We need to focus on that,” she told the gathering.

The Finance Minister further said that Brand India's' economic growth model should have features of LiFE - ‘Lifestyle For Environment' as mentioned by Prime Minister Narendra Modi — to “be more nature friendly and have sustainability which is inherent to us”.

According to her, it is important that in top 100 tourist centres in India, “we have a self learning programme which is digitally run for architecture of that site, for understanding the value for tourism of that site and for Sanskrit, Pali or any other language which is identified with that site”.

“We should give learning material for those who want to understand the signature Indian architect marvels so as to provide a multi-disciplinary approach to tourism,” FM Sitharaman added.

She further stated that we didn't follow the circular economy and principle of re-use because we were an impoverished nation.

Circular economy is the model which seeks to reduce waste and encourage sustainable use of natural resources to boost production and consumption.

“We thought of it as our responsibility to use as per our need & not as per our greed. We must understand that capitalism has its limitations & we need to brand India as a 'Responsible Capitalist' country,” said the Finance Minister.

On startups and gig economy, she said that innovations such as quick commerce could join the league of global players over time.