Jakarta. Finance Minister Purbaya Yudhi Sadewa is promoting a new economic plan called “Sumitronomics,” which aims to increase Southeast Asia’s largest economy to 8 percent growth per year by 2029

The name pays tribute to Sumitro Djojohadikusumo (1917–2001), a pioneering economist and statesman, father of President Prabowo Subianto, and one of the architects of Indonesia’s modern economic policy. Sumitro served as Trade Minister and Industry Minister in the 1950s and 1960s, promoting industrialization, market-oriented policies, and strategic economic planning.

Sumitronomics rests on three core pillars: high economic growth, equitable distribution of development, and national stability.

“To become a developed nation, Indonesia’s development strategy needs to be based on Sumitronomics,” Purbaya said in a speech in Jakarta. “The target of 8 percent growth is not easy, but it is realistic if the government consistently follows through with its strategy.”

Indonesia has experienced rapid growth in the past. Purbaya noted that before the 1997–1998 Asian financial crisis, the economy grew at more than 6 percent annually. He also cited South Korea and Singapore, which achieved developed status after sustaining growth above 7.5 percent for a decade, and China, which exceeded 10 percent annual growth from 2003 to 2007.

Analysts caution that achieving 8 percent growth will be challenging due to global uncertainties and domestic structural constraints. Yet Purbaya insisted that history demonstrates such trajectories are possible with consistent policies and political will.

“Targeting high growth while ensuring fairness and stability is the essence of Sumitronomics,” he said, framing the strategy as Indonesia’s path to becoming a developed economy.

Personal Legacy: Danantara Sovereign Wealth Fund

The government’s recent establishment of the sovereign wealth fund Daya Anagata Nusantara (Danantara) is also considered a product of Sumitronomics. The idea was first conceived more than 40 years ago by Sumitro but was never realized during his lifetime. Now, President Prabowo has brought his father’s vision to fruition.

Hashim Djojohadikusumo, Prabowo’s brother, recalled that their father had long advocated for a state-backed investment management body. “Unfortunately, the government at that time did not support the concept,” he said. “But 40 years later, Prabowo has been entrusted by the Indonesian people with the mandate to finally realize our father’s dream.”