Chennai, Sep 26: India has the potential to achieve economic growth of more than 10 per cent, but realising that potential will require sustained efforts to expand technology and innovation across sectors, Union Finance Minister Nirmala Sitharaman said.
Speaking at a fireside discussion organised by the IIT Madras Alumni Association, Sitharaman said stronger growth would support the country’s long-term goals of building a self-reliant economy and becoming a developed nation.
“It is possible to reach 10 plus growth,” she said, adding that achieving the target would require greater participation and effort from various sections of the economy.
The Finance Minister pointed to the expansion of India’s startup ecosystem since 2015, saying emerging companies and technological innovation could play an increasingly important role in driving economic activity in the years ahead.
She also stressed the importance of ensuring that innovations developed by startups and technology companies reach traditional sectors of the economy.
Agriculture, she said, was already seeing the impact of technological interventions, including tools that help connect farmers with markets, improve productivity and reduce the time required for harvesting and preparing land for subsequent crops.
Sitharaman also highlighted the use of drones and aerial geospatial technologies for precision mapping of agricultural land, replacing or supplementing manual methods.
“The innovations which happen in startups will have to get into every sector,” she said.
The minister cited point-of-sale machines being tested in fertiliser distribution as another example of technology being deployed to improve efficiency and reduce pilferage.
Under the system, details relating to farmers, their land and the crops being cultivated can be recorded, while technology can help provide guidance on the amount of fertiliser that may be appropriate based on factors such as soil, irrigation and crop conditions.
Sitharaman said farmers would retain the freedom to choose which fertiliser to purchase, with the technology intended to provide information rather than restrict their choices.
She also raised concerns over excessive use of fertilisers and pesticides, saying it was contributing to soil and water contamination.
Greater use of technology, she said, could help farmers use agricultural inputs more efficiently while improving productivity.
“The sooner these technologies reach these sectors, the better it is for India,” Sitharaman said, adding that more efficient production could contribute to overall economic growth.
She also called for a more positive outlook towards India’s economic and technological progress, arguing that developments taking place across the country should receive greater recognition.
The minister’s comments come amid the government’s continued emphasis on technology-led growth, innovation and productivity as key components of India’s longer-term economic development strategy.
