Finance Minister Nirmala Sitharaman has urged Indian industry to move from "Made in India" to "Imagined in India." Products should be conceived, designed and developed in India before reaching global markets, she said.

Speaking at the All India Management Association's 53rd National Management Convention in New Delhi on September 22, she said growth must come from design, engineering, patents, software and technology, not just manufacturing scale.

She flagged India's low R&D spending. Gross expenditure on research stands at 0.83 percent of GDP, far below the OECD average of 2.7 percent. The private sector funds just 36 percent of it.

Sitharaman asked companies to spend more on R&D, in-house or with universities. She also pushed family businesses to professionalise, with clear lines between ownership and management.

The push fits India's 2047 developed-nation goal. Management quality will be judged by the enterprises built today, she said. The message lands as India chases higher-value exports and tech leadership.