Nirmala Sitharaman says enabling environment for R&D, start-ups helped in retaining talent pool

Union Finance Minister Nirmala Sitharaman has said that enabling environment for start-ups and research and development (R&D) that was created after the massive transformation in the country’s digital landscape in the last eight years has helped the nation in retaining the talent pool and orient it towards national progress.

Inaugurating the Dharwad Research and Technology Incubator (dhaRti) and Bionest Incubation Centre at IIT-Dharwad on Tuesday, she said that investment made by the country in quality higher education has resulted in the production of skilled professionals in premier educational institutions.

“However, limited opportunities in the past forced nearly two generations to seek prospects abroad,” she added.

Ms. Sitharaman said that in the last seven or eight years, the trend has changed and the Central government’s consistent focus on developing infrastructure and supporting innovation with significant funding has resulted in opportunities being created within the country.

Emphasising the need for young innovators to prioritise creativity over profitability, she said that the core business for young innovators should be innovation alone.

“The Union government is committed to providing all necessary support and a favourable ecosystem to nurture such talent,” she said. The Finance Minister said that the country has made a remarkable global impact through its strides in the fintech sector.

“Despite the vast spectrum, India’s adaptability has been tremendous. The Jan Dhan financial inclusion scheme has brought millions into the formal banking system. Today, loans are disbursed in just 59 minutes. The Open Network for Digital Commerce (ONDC) has been a resounding success,” Ms. Sitharaman said.

Pointing out that 87% of transactions in the country are digital, compared to the global average of 62%, she said that India’s fintech ecosystem has laid a robust foundation and is now scaling up to meet the needs of the next generation.

Director of IIT-Dharwad Venkappayya Desai spoke about the institute’s initiatives and ongoing projects in various fields. Senior faculty members of the institution and students were present. The Finance Minister also interacted with the students subsequently.

A sum of ₹5.29 crore from Ms. Sitharaman’s MPLADS Fund has been sanctioned for the dhaRti incubation centre.