Bengaluru: Finance Minister Nirmala Sitharaman on Saturday said the next large investments in India’s infrastructure must focus heavily on artificial intelligence (AI), semiconductor chips and quantum computing, while urging MSMEs to adopt AI solutions to improve productivity and compete globally.
Addressing the 7th edition of IITMAA Sangam, the flagship annual conference of the IIT Madras Alumni Association (IITMAA) here, FM Sitharaman said technology and innovation must reach every sector of the economy, including agriculture, renewable energy and advanced manufacturing.
“India’s transformation has been driven by sustained efforts to strengthen institutions, restore confidence and open sectors to private participation, while creating policies that enable young people, entrepreneurs and innovators to contribute to economic growth,” FM Sitharaman said.
Highlighting the opening of the space sector, FM Sitharaman said Indian startups are now designing and building satellites and undertaking space missions.
She also stressed the need for patient capital and new early-stage funding mechanisms for pre-revenue deep-tech and hardware startups.
“Our MSMEs, which produce everything from basic components to aircraft parts, need AI solutions to improve productivity and compete globally,” FM Sitharaman said, adding that technology-led growth would require greater collaboration across sectors.
She said IIT Madras’ initiative to create a fund to handhold startups exemplifies how academia, industry and government can work together to support innovation and entrepreneurship.
FM Sitharaman further said India can achieve more than 10 per cent GDP growth, but this would require greater effort across all sectors and sustained collaboration to convert talent, technology and innovation into economic growth.
The conference, centred on the theme “Atmanirbhar Bharat – Building a Self-Reliant India”, brought together policymakers, corporate leaders, technology pioneers, academics, startups and experts to discuss the key drivers of India’s strategic and economic self-reliance.
The event was inaugurated by Education Minister Pralhad Joshi, along with Vice Admiral Sanjay Sadhu, Controller of Warship Production and Acquisition, Indian Navy; Prof V Kamakoti, Director, IIT Madras; Dr Sridhar Vembu, Chief Scientist and Co-founder, Zoho Corporation; Goda Ramkumar, Vice President, Data Science, Flipkart; Prof M Vidyasagar, FRS; and Dr Pratyush Kumar, Co-founder, Sarvam AI, among others.
(IANS)
