Sitharaman says startups and technology can drive India's 10%+ growth
Union Finance Minister Nirmala Sitharaman said on Saturday that India has the potential to achieve economic growth exceeding 10 per cent, emphasizing that technology, innovation, and collective effort will be essential to reaching that goal. Addressing a fireside chat hosted by the IIT Madras Alumni Association in Bengaluru, Sitharaman stated that stronger economic growth would accelerate the country's progress towards the objectives of Atmanirbhar Bharat and Viksit Bharat. However, she stressed that achieving higher growth levels would require "a lot more effort" from all sections of society.
Sitharaman highlighted India's expanding startup ecosystem since 2015, asserting that the sector could make a substantial contribution to the country's economy in coming years. She emphasized the importance of moving away from excessive skepticism about India's economic prospects, calling for a shift in public perception. "We have too many naysayers. We have too many people who have vicarious pleasure being derived if India fails," she said, urging people to adopt a more positive outlook and recognize developments on the ground.
The finance minister also underscored technology's transformative impact across sectors. In agriculture, she highlighted how technological interventions have made a "spectacular difference" in connecting farmers with markets while improving productivity, including use of drones and aerial geospatial tools for land mapping. She cited point-of-sale machines in fertiliser distribution as another example of technology enhancing efficiency and preventing pilferage.
