Next decade belongs to technology, says finance minister

Bengaluru: Finance minister Nirmala Sitharam said the coming decade will be driven by technology. She called it a "techade" at YourStory's 13th Edition ' Techsparks'.

Focusing on the frugality and scalability of innovation, she said technology-driven innovators are the ones we need and they are the ones who are going to look at local, affordable, and scalable solutions. "Unless solutions are cost-effective and scalable, that typical thing about India innovation is not going to be there, and without these features, things cannot be achieved as aspired," she added.

About the next decade, she said technology is not just going to be looking at some fundamental things to change but people will be using several things that are not yet available in many parts of the world. She drew the spotlight to digital skeletal networks which are available in India but are not available elsewhere.

She stressed that digital fundamental infrastructure is created by the government in India for the use of public good. "This kind of government coming out and creating a digital public good, with a futuristic approach is not available in many countries. India today sets standards and the global benchmarks have been seen being achieved in India during and immediately after the pandemic."

Sitharaman added that India is not afraid of scaling up. "We know how to prudently use cost, and give solutions to our problems. We don't wait for patents to come from outside. Vaccines (that we developed) are a classic case for this."

Speaking about the growth of startups in the country, she said: "Startups are now setting the base, the language, the terminology, and also the future course." She added we need more women in the startup ecosystem.