India continues to be the world’s fastest-growing major economy and is well placed to contribute nearly one-sixth of global growth in the coming years, Finance Minister Nirmala Sitharaman said on Saturday as she urged entrepreneurs to shed their hesitation, embrace risk and seize the opportunities created by a rapidly transforming economy.
Addressing entrepreneurs at an event in Madurai, Sitharaman said India has moved beyond the era of self-doubt and today stands at a defining moment, backed by policy stability, digital infrastructure and one of the world’s youngest workforces.
“India is today the fastest-growing major economy in the world. We are projected to contribute nearly 1/6th of the global growth over the coming years,” she said, adding that the country has the potential to do even better. “It need not just be 1/6… Why can’t it be 1/4? We can do it.”
The minister said the biggest challenge before the current generation is no longer access to information or resources but overcoming the fear of taking the first step. “I urge young entrepreneurs to overcome any hesitation in taking risks and seize the opportunities before them,” she said. “India is the place to innovate and do business, backed by a stable government, policy certainty, a predictable tax regime and a responsive, approachable government.”
Highlighting the country’s entrepreneurial ecosystem, Sitharaman said India has more than 240,000 DPIIT-recognised startups that have created over 2.3 million direct jobs, making it the world’s third-largest startup ecosystem. She also pointed to the expansion of more than 2,100 Global Capability Centres (GCCs) beyond metropolitan cities and India’s digital public infrastructure, with UPI processing over 20 billion transactions every month.
She said technology has fundamentally altered the business landscape, making markets, capital and knowledge more accessible than ever before. “The most significant boundaries today are no longer geographical. Technology has made markets accessible from almost anywhere, capital is willing to flow across borders in search of good ideas and knowledge is more widely available than ever before,” she said.
Sitharaman said the barriers that once separated talent from opportunity are steadily disappearing. “Geography still matters, but the imagination to use available technology matters far more,” she said.
The finance minister credited the Narendra Modi government with changing the role of the state from a regulator to a facilitator of enterprise. Through formalisation, digitisation, GST, regulatory reforms and sustained investments in roads, railways, ports, airports and digital connectivity, the government has created an ecosystem where businesses can start, expand and compete with confidence, she said.
She urged businesses to leverage emerging opportunities in sunrise sectors and convert technological possibilities into economic prosperity. “Governments can create enabling conditions. Investors can provide capital. Universities can nurture talent. But it is entrepreneurs who convert possibilities into prosperity,” she said.
Calling on India’s youth to think beyond immediate gains, Sitharaman said entrepreneurs should build boldly, build responsibly, build for India, build for the world and above all, build for generations yet to come.