India’s Union Finance Minister, Nirmala Sitharaman, recently called for a global commitment to harness technology for the betterment of humanity. She voiced deep concern over the growing tendency to ‘weaponize’ technological progress worldwide.
Highlighting India’s significant strides, she proudly declared the nation a global leader in financial technology (fintech), setting new standards in innovation, widespread adoption, and inclusive growth.
Addressing the annual Global Fintech Fest in Mumbai, Sitharaman articulated a clear vision: ‘The fundamental purpose of technology must always be for the public good. It should never, under any circumstances, be turned into a weapon.’
She elaborated, stressing the importance of a continuous reminder that while we may develop proprietary rights over specific technological advancements, the true mastery lies in refraining from using them as instruments of conflict or control.
Minister Sitharaman observed a recurring pattern where technological progress is often accompanied by narrow, inward-looking perspectives. She argued that such weaponization ultimately undermines the very concept of global progress.
While she didn’t provide explicit examples or delve deeper into specific instances, her remarks resonated with current global discussions. These comments are particularly pertinent given the current international climate, where various nations have implemented policies leading to restrictions in trade and limitations on innovation.
For instance, the United States, a global economic and technological powerhouse, has significantly altered its trade policies. This is especially relevant as India navigates ongoing trade negotiations with the U.S., a country that has recently imposed higher tariffs on Indian products and substantially increased H1B visa fees, which largely affect Indian technology professionals.