India Can Achieve Over 10% Growth with Technology and Innovation, Says Finance Minister Nirmala Sitharaman
Finance Minister Nirmala Sitharaman emphasizes the role of technology in achieving Indias growth goals by 2047 during an event in Chennai.
Chennai, September 26 (Daily Kiran) : Central Finance Minister Nirmala Sitharaman stated on Saturday that India could achieve an economic growth rate exceeding 10% by 2047 if it widely adopts technology and innovation across various sectors. She emphasized that reaching this ambitious goal requires collaborative efforts from the government, industry, educational institutions, and society as a whole.
Speaking at a fireside chat organized by the IIT Madras Alumni Association, Sitharaman pointed out the immense opportunities available to India but stressed the need for a positive mindset and collective participation. She noted that there are those who feel satisfied with India’s failures, but changing this mentality is crucial for the nation’s journey toward becoming a developed country.
Highlighting the advancements in India’s startup ecosystem, Sitharaman praised how technological interventions have significantly transformed multiple sectors, including agriculture. She explained that technology has played a vital role in better connecting farmers to markets, enhancing productivity, and providing easier access to agricultural information.
The Finance Minister also mentioned the increasing use of drones and aerial geospatial tools in agriculture, which have empowered farmers with precise mapping of land and better resource management. This shift is making agricultural practices more scientific and efficient.
Additionally, she cited the implementation of point-of-sale (POS) machines for fertilizer distribution. During pilot projects, this system records information about farmers, their land, and crops, offering recommendations on the necessary amount of fertilizer based on soil, irrigation, and crop conditions, thus promoting more balanced fertilizer use.
During the event, Sitharaman launched a book titled “Cashless Nation: How UPI Changed Everything,” written by Dr. Santanu Paul and B. Sambamurthy. The book narrates the story of India’s digital payment revolution and the rapid expansion of the Unified Payments Interface (UPI).
She noted that UPI has now gained global recognition, operating in 11 countries, including France, Singapore, the United Arab Emirates, Greece, and Mauritius. Sitharaman highlighted that UPI has become more than just a payment method in India; it serves as a powerful example of the country’s digital public infrastructure model.
Since 2018, the number of UPI-based payment centers has surged nearly 260-fold, extending digital payments to remote areas and making transactions more convenient for the general public.
Sitharaman emphasized UPI’s global significance, stating that one in every two real-time digital payments worldwide occurs in India. This statistic reflects India’s digital capabilities, innovation, and success in large-scale technology adoption.
The Finance Minister believes that leveraging startup innovation, artificial intelligence, digital payments, modern agricultural technologies, and emerging technologies can help India achieve high growth rates. She reiterated that if the country deepens its commitment to a technology-driven development model, the goal of “Developed India 2047” is entirely attainable.
