Finance Minister Nirmala Sitharaman on Thursday said that India will need to play a crucial role in the "global reset" as the new world order will not be determined by the developed nations.

"Developed countries have the money to invest, but that is not going to be sufficient for them either. Trade and technology will play a crucial role in the new world order and India will need to participate," the Finance Minister said at a media event in the national capital.

She highlighted that India has to make a meaningful contribution to the global reset as much as make continuous efforts towards moving up the ladder in terms of per capita income and becoming a business destination furthering global growth.

"India is very well placed with respect to the advancement of technology. We can be leaders in many aspects of technology. We have proven to the world that wherever deployment of technology is concerned, we do it at large scale," FM Sitharaman pointed out.

"India can also extend a helping hand to friends with whom we want to strengthen our bilateral relationship. It can also create a sort of global technology group. Such a group, with India's leadership, can make a big difference across the world," she added.

The Finance Minister further stated that multilateral institutions and their contributions are fading away. So, by default and also by choice, for many countries bilateralism is at the top of the agenda. India also needs to ramp up its bilateral relationships with countries, not just for trade and investment but also for strategic relations, she added.

She also pointed out that India cannot move ahead If it constantly looks at itself as a nation which is as it was when the British left.

"Therefore, we are very clear, we want to promote Indian manufacturing. We will be enabling the products coming into the country if it helps our manufacturing," Sitharaman said,

The Finance Minister also highlighted the need for the country’s states to feel part of the call for economic reforms. States are part of India's larger economy which will take us forward. Therefore, reforms cannot be an agenda just for the Union government, it has to be taken seriously by every state government, she said.