India can grow at over 10%, Sitharaman says. Here’s what it will take

According to fresh market updates, Union Finance Minister Nirmala Sitharaman on Saturday expressed confidence that India could achieve economic expansion of more than 10 per cent, stressing the need for greater adoption of technology and innovation across sectors.

Speaking at a fireside chat organised by the IIT Madras Alumni Association here, she stated elevated economic expansion 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 expansion, and I'm not just saying it to pep you all up. It is possible," Sitharaman stated.

She cited the expansion of startups since 2015, saying they could make a significant contribution to the economy over the upcoming 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 stated.

Highlighting the role of technology in agriculture, Sitharaman stated 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 stated.

Sitharaman cited the use of point-of-sale (POS) machines in fertiliser distribution as an example of technology being used to prevent pilferage.

She stated 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 stated farmers would keep have a choice in purchasing fertilisers, while the technology would inform them around the quantity that may be sufficient for their crop.

Sitharaman stated excessive use of pesticides and fertilisers was contaminating soil and water, and technology could help address the offering.

"So the sooner these technologies reach these sectors, the better it is for India. You will be optimally producing things and as a result adding to the expansion," she further noted.