'India can achieve over 10% economic growth'

Bengaluru witnessed Union Finance Minister Nirmala Sitharaman's optimism regarding India's potential to achieve economic growth surpassing 10 percent. Addressing a fireside chat organized by IIT Madras Alumni Association, she emphasized the crucial role of technology and innovation across various sectors in propelling India towards 'Atmanirbhar Bharat' and 'Viksit Bharat'. Sitharaman, however, stressed that achieving this growth would demand significant collective effort.

Citing the surge in startup activities since 2015, she highlighted their potential to make a substantial contribution to the economy in the forthcoming years. Sitharaman underscored the necessity to dispel cynicism and foster a positive outlook, urging people to appreciate the strides being made in the nation's development. She condemned individuals who derive vicarious pleasure from India's failures and emphasized the need to encourage a positive mindset.

The minister shed light on the transformative impact of technology in agriculture, noting that technological interventions have significantly enhanced the connection between producers and markets, leading to improved productivity. She detailed the utilization of technology in speeding up harvesting processes, land preparation for subsequent crops, and precision mapping of land parcels through drones and aerial geospatial instruments, a stark contrast to manual mapping methods.

Sitharaman showcased the application of point-of-sale (POS) machines in fertilizer distribution, an instance where technology is being employed to curb pilferage. The POS system, currently under pilot testing, collects crucial data about the farmer, land, and crop under cultivation, providing farmers with personalized recommendations on fertilizer quantity based on soil, irrigation, and crop conditions.

This technological intervention aims to prevent overuse of pesticides and fertilizers, which has led to soil and water contamination.

She highlighted that excessive reliance on chemical inputs has detrimental environmental consequences and that leveraging technology can mitigate these issues, thereby enhancing agricultural productivity and contributing to India's economic growth. Sitharaman was unequivocal in her assertion that the sooner these technological advancements permeate various sectors, the better positioned India would be to achieve the desired growth.