Bengaluru, Sep 26 Union Finance Minister Nirmala Sitharaman on Saturday expressed confidence that India could achieve economic growth of more than 10 per cent, stressing the need for greater adoption of technology and innovation, while cautioning against excessive scepticism about the country’s prospects.
Speaking at a fireside chat organised by the IIT Madras Alumni Association here, she said higher economic growth would help accelerate India’s journey towards Atmanirbhar Bharat and Viksit Bharat, but stressed that it would require “a lot more effort” from all sides.
“It is possible to reach 10 plus growth, and I’m not just saying it to pep you all up. It is possible,” Sitharaman said.
She cited the growth of startups since 2015, saying they could make a significant contribution to the economy in the coming years.
Sitharaman emphasised the need to overcome cynicism and “nudge” people to think positively and recognise developments taking place on the ground.
“We have too many naysayers. We have too many people who have vicarious pleasure being derived if India fails. We really cannot afford that. We need to nudge these people to think positive,” she said.
Highlighting the role of technology in agriculture, Sitharaman said technological interventions had made a “spectacular difference” in connecting producers to markets and improving productivity.
She cited the use of technology to speed up harvesting and prepare land for the next crop, as well as drones and aerial geospatial instruments for precision mapping of land parcels that were earlier mapped manually.
“So, with the rapid movement of technology, the innovations which happen in startups will have to get into every sector,” she said.
Sitharaman cited the use of point-of-sale (POS) machines in fertiliser distribution as an example of technology being used to prevent pilferage.
She said the POS system, which was still under pilot testing, recorded details of the farmer, land and crop being cultivated, and provided farmers with information on the quantity of fertiliser that may be sufficient based on soil, irrigation and crop conditions.
The minister said farmers would continue to have a choice in purchasing fertilisers, while the technology would inform them about the quantity that may be sufficient for their crop.
Sitharaman said excessive use of pesticides and fertilisers was contaminating soil and water, and technology could help address the issue.
“So the sooner these technologies reach these sectors, the better it is for India. You will be optimally producing things and therefore adding to the growth,” she added.
Sitharaman dismissed pessimistic narratives suggesting that India’s growth would remain limited to just 2.5 – 3 per cent.
The minister highlighted that over the past decade, the Indian economy was pulled out of the ‘Fragile 5’ status, and the banking sector was rejuvenated with a support of over Rs 3 lakh crore.
Under the Public Sector Enterprises (PSE) policy, except for eight strategic sectors, all other fields, including space and nuclear sectors, have been opened up to private participation. This enabled Indian startups to actively participate in space missions to the extent of manufacturing satellites, she said.
She also said that by replacing colonial-era laws with the Bharatiya Nyaya Sanhita and introducing simplified tax policies, the government is strengthening trust in citizens and entrepreneurs.
The ministry remains committed to developing appropriate policies and incorporating suggestions to facilitate patient capital for deep-tech hardware startups, she said.
At the event, the union minister also launched the ‘IITM Unicorn Frontier Fund-I’, an Alternative Investment Fund (AIF) jointly initiated by Unicorn India Ventures (UIV) and IIT Madras / IITM Research Park.
Sitharaman also released the book “Cashless Nation: How UPI Changed Everything”, authored by Santanu Paul and B Sambamurthy.
Earlier in the day, Union Education Minister Pralhad Joshi also addressed the event centred on the theme ‘Atmanirbhar Bharat – Building a Self-Reliant India’.
He called upon the distinguished IIT Madras alumni to play an even greater role in this national journey by mentoring young innovators, accelerating technology commercialisation, supporting deep-tech entrepreneurship and connecting India’s innovation ecosystem with global markets and opportunities.
“IITMAA Sangam 2026 is a key convergence point for technology, academia, industry, entrepreneurship, and public service, supporting India’s journey towards self-reliance and Viksit Bharat 2047,” he said.
According to him, India’s electricity generation capacity has grown from 249 GW in 2014 to 552 GW today, including around 310 GW of non-fossil capacity, while the grid has recently managed a peak demand of 281 GW, with nearly one-third met through renewable energy.
“This growing infrastructure is enabling technological self-reliance, domestic manufacturing, and innovation,” he said, adding that IIT Madras continues to demonstrate how research and knowledge can translate into technology, enterprises and solutions for real-world challenges.
Prof V Kamakoti, Director, IIT Madras, highlighted the institution’s role in expanding access to technology education and building India’s innovation ecosystem.
According to him, IIT Madras’ programmes have reached around 53,000 students, while NPTEL-SWAYAM courses serve around 1.5 million learners.
He also noted that IIT Madras has filed more than 400 patents in the last three financial years and incubated 583 startups with a combined valuation of around Rs 83,000 crore, with 75 per cent of startups incubated in the last two years coming from outside IIT Madras.
(PTI News)
