Get All Access for $5/mo

Innovation Plays Key Role In Making India Developed By 2047, Says Nirmala Sitharaman While pointing out the significance of digitalization that has been laid into medical services, education and software as a service (SaaS) sector, Sitharaman said there is immense potential to take it up further

By Teena Jose

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Nirmala Sitharaman Twitter handle

Union finance minister Nirmala Sitharaman, on Thursday, said that innovation plays a key role in making India a developed nation by 2047, along with highlighting the incredible potential of digitalization in achieving this. She added that if the same momentum which was seen through Covid-19 and immediately after that phase continues, and if all countrymen put their efforts together, then the mission developed India by 2047 would not be much difficult.

"Innovation is going to be the key for many things that we can do between now and 2047. It is because of the innovation, the solutions which we have for very many of the festering problems of this economy, we can achieve that desired developed economy status," said Sitharaman, while addressing the 105th annual general meeting of Federation of Karnataka Chambers of Commerce and Industry (FKCCI).

While pointing out the significance of digitalization that has been laid into medical services, education and software as a service (SaaS) sector, Sitharaman said there is immense potential to take it up further.

Mentioning about the India's slow pace during the pandemic phase with of course sufferings, but succeeded in keeping itself steady and businesses came out of it, the finance minister said that, "We have lots more to do, I'm not saying that we have succeeded in achieving everything that we want, but we come out. There is more assistance needed by some sections, we are attending to them, as and when we hear from them. You will find that different countries have had experiences, very different from what India has had."

India, despite being a large country with huge population and different access with respect to road or any other parameter, because of the technological revolution of sorts that happened much before the pandemic there was access to technology to provide relief, reach people and for the transparent process, as per minister's words.

"For a country that is described as an emerging market, and is still referred to as a developing economy, the achievements of India through the vaccination, through the relief which was provided for the people, through the way we have reached out to small and medium businesses, stand out in comparison to the rest of the world," said Sitharaman.

Teena Jose

News Desk Reporter with Entrepreneur India

Teena is a post graduate in financial journalism. She has an avid interest in content creation, digital media and fashion.
Business Ideas

63 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.

Money & Finance

Avoid These 10 Mistakes Entrepreneurs Make with Money

Despite the challenging statistic that only 5% of startups survive beyond five years, common financial pitfalls often contribute to their failure. Through personal observation, I've identified the prevalent financial mistakes made by entrepreneurs.

News and Trends

Battery Smart Raises USD 65 Mn in Series B to Boost EV Battery Swapping Network

Orios Venture Partners achieves a 29x return with a strategic partial exit from Delhi-based EV startup, enhancing early-stage investment success.

Business News

Homeowners in These 10 States Pay the Most in 'Hidden' Upkeep Costs

Hidden home costs pile on top of mortgage payments.

Growing a Business

How Visionary Leaders Transform Curiosity Into Groundbreaking Ideas

Lee Brian Schrager, founder of the South Beach Wine & Food Festival, discusses the spark that launched FoodieCon, his best practices for running popular food events, and why all business owners need to adapt to social media trends.

Thought Leaders

4 Steps You Need to Follow to Make It Through Any Crisis With Your Company Intact

The steps we take before a crisis define our team's future resilience in the face of one. Here's what you need to do to prepare for a crisis of any kind at any time.