India Can Grow Above 10%, But Technology And Innovation Must Drive The Next Leap: Sitharaman

India can achieve economic growth of more than 10 per cent, but doing so will require faster adoption of technology, greater innovation and sustained efforts across sectors, Union Finance Minister Nirmala Sitharaman said on Saturday.

Speaking at a fireside chat organised by the IIT Madras Alumni Association, Sitharaman said double-digit growth was achievable and would help accelerate the country's journey towards Atmanirbhar Bharat and Viksit Bharat, while acknowledging that it would require greater effort.

“It is possible to reach 10 plus growth,” she said, urging people not to be excessively sceptical about India's economic prospects.

Sitharaman highlighted the expansion of India's startup ecosystem since 2015, saying startups could make a significant contribution to growth in the coming years. She stressed that innovations developed by startups should reach traditional sectors and improve productivity.

Agriculture, she said, was already benefiting from technology through improved connections between producers and markets, faster harvesting and precision mapping. Drones and aerial geospatial instruments are being used to map land parcels that were earlier surveyed manually.

She also cited the use of point-of-sale (POS) machines in fertiliser distribution. The system, currently under pilot testing, records details of farmers, their land and crops and can provide information on the quantity of fertiliser that may be sufficient based on soil, irrigation and crop conditions.

Sitharaman said technology could help reduce excessive use of fertilisers and pesticides, which she said was contributing to soil and water contamination, while farmers would retain the freedom to choose what fertiliser they buy.

She rejected pessimistic projections that India's growth could remain at 2.5-3 per cent, pointing to reforms over the past decade, including the revival of the banking sector with support of over Rs 3 lakh crore.

She also highlighted greater private participation in sectors including space, saying startups were now involved in satellite manufacturing.

At the event, Sitharaman launched the IITM Unicorn Frontier Fund-I, an Alternative Investment Fund backed by Unicorn India Ventures and IIT Madras/IITM Research Park. She also released Cashless Nation: How UPI Changed Everything.