India is no longer just a large market for other countries to sell their goods, but also a market from where innovations are coming up, finance minister Nirmala Sitharaman said on Friday.
India is sustaining its growth as the fastest growing economy for the fourth consecutive year, thanks to the work of small, medium, and large industries, Sitharaman at the LPS IIM Lucknow National Leadership Awards on Friday.
“During the fourth quarter (of FY25), everyone would tell us that the Indian industry is not investing and capacities are not widening, so what would happen. I am glad that India’s industry, especially the manufacturing activity, has been good during the fourth quarter,” she said. Earlier in the day, the official data showed fourth quarter growth at 7.4%, higher than analyst expectations, For the entire FY25, the GDP numbers was 6.5%, a four-year low.
She also emphasised the need for India to invest in science and technological research. “Today, we are able to better predict monsoon rains. This time, I was happy to see more granular pictures coming about in the meteorological department. Early monsoon arrival has augured a lot of optimism,” FM said. “Prime minister Narendra Modi looks at futuristic sciences as well, and wants to invest in all of them. That’s why even in 2021-22 budget, we had come up with a quantum mission,” Sitharaman said.
The finance minister further said that it just requires all the citizens to have confidence in the country’s abilities, and believe that we can deliver the goals. “How long more we are going to say that we are a developing country when our own people are going all over the world and working at leadership levels in various sectors. India had lost an opportunity. I am not finding fault with anybody. We lost opportunities for various reasons, but not now. It’s time for all of us to get out of that suspicion in our minds,” Sitharaman said.