New Delhi: Union Finance Minister Nirmala Sitharaman has expressed confidence that India can achieve an economic growth rate of more than 10 percent. Speaking at an event of the IIT Madras Alumni Association, he said, 'It is possible to achieve a growth rate of more than 10 per cent. I am not saying this just to encourage you people. This is possible. nirmala sitharaman On 10 percent growth, he also took a sharp dig at the critics, saying that some people 'enjoy India's failure'.
In fact, the Finance Minister described the rapidly growing economy as giving impetus to the journey of 'self-reliant India' and 'developed India'. But at the same time he made it clear that this will require a lot of efforts from all sectors. He laid special emphasis on greater adoption of technology and innovation.
nirmala sitharaman 10 percent growth: direct attack on critics
Sitharaman said, 'We have many people who always talk negatively. There are many people who enjoy India's failure. We really can't afford this. We have to inspire these people to think positively. He appealed to the people to recognize the development happening at the grassroots level.
It is noteworthy that Sitharaman did not take anyone's name, but recently many senior economists including the opposition had raised questions on the GDP figures. These included former RBI Governor Raghuram Rajan and former Finance Secretary Subhash Garg. These questions were raised after India's GDP growth was 7.8 percent in the first quarter.
Trust in startups
Referring to the growth of startups since 2015, the Finance Minister said that they can make a significant contribution to the economy in the coming years. He believes that this ecosystem of innovation can become an engine of rapid growth.
Role of technology in farming
In the program, Sitharaman spoke in detail on the role of technology in agriculture. He said the use of technology has made a 'tremendous difference' in connecting producers to the market and increasing productivity. He mentioned the use of technology to speed up harvesting and preparation of land for the next crop.
It also talked about the use of drones and aerial geospatial instruments for accurate mapping of land parcels – which were earlier mapped by hand. He said, 'With the rapid advancement of technology, the innovations made by startups will have to be brought to every sector.'
Example of POS machines in fertilizer distribution
Sitharaman gave the example of the use of point-of-sale (POS) machines in fertilizer distribution — a good example of using technology to prevent theft or wastage. This system is currently in the pilot testing phase. It records information about the farmer, land and crop being grown and gives information about the correct amount of fertilizer based on the condition of soil, irrigation and crop.
The minister said that farmers will continue to have the option of purchasing fertilizer, while technology will tell them what quantity will be sufficient for their crop. Excessive use of pesticides and fertilizers is polluting soil and water — technology can help solve this problem.
Overall, Sitharaman's message was clear: Believe in India's growth story, answer criticism with technology and hard work. Growth of more than 10 percent is not a dream — but for this it is important to keep negative thinking away and adopt innovation in every sector.