Minister Highlights Role of AI, Startups and Digital Payments in Growth

At a fire‑side chat in Chennai, Finance Minister Nirmala Sitharaman stressed that artificial intelligence, innovative startups and a robust digital payments ecosystem are critical levers for India’s economic expansion. She projected that an economy powered by such technologies could record a growth rate of more than ten percent annually by the centenary year of independence, 2047.

The minister urged all stakeholders—government, businesses, universities and civil society—to intensify collaboration and maintain an optimistic outlook. She argued that the country possesses a wealth of talent eager to drive change, but this potential will be realised only through collective resolve.

Sitharaman praised the country’s flourishing startup environment, noting its impact on sectors like agriculture where AI‑enabled platforms help farmers access market information, improve productivity and make data‑driven decisions.

She recounted how drones and aerial geospatial services are being employed to produce accurate land surveys, facilitating better water and input management. Additionally, a point‑of‑sale (POS) system for fertilizer distribution gathers comprehensive farm data and offers precise dosage recommendations, encouraging balanced nutrient use.

The finance minister also launched “Cashless Nation: How UPI Changed Everything,” a book documenting the rapid rise of the Unified Payments Interface. UPI now functions in eleven countries, including France, Singapore, the United Arab Emirates, Greece and Mauritius, showcasing India’s digital public‑infrastructure prowess.

Since 2018, UPI‑based payment locations have expanded by roughly 260 times, extending cashless capabilities to remote corners of the nation. According to Sitharaman, one out of every two real‑time digital transactions worldwide originates from India, reflecting the country’s leadership in large‑scale tech adoption.

She concluded that sustained investment in AI, startup innovation, digital payment platforms, advanced agricultural technology and other emerging tools will make the "Developed India 2047" goal not just aspirational but achievable.