Nirmala Sitharaman speaks at the YiFi Entrepreneurship Summit.
Union Finance Minister Nirmala Sitharaman has strongly emphasized the indispensable role of entrepreneurs in propelling India towards its ambitious vision of becoming a developed nation by 2047. Speaking at the YiFi Entrepreneurship Summit 2026 in Madurai, Sitharaman highlighted that the nation’s next phase of economic growth hinges significantly on the dynamism and innovation of its startup ecosystem.
India is already projected to contribute a substantial one-sixth of global growth, a figure Sitharaman challenged entrepreneurs to further elevate. The country’s robust digital public infrastructure (DPI), exemplified by platforms like UPI, is not just a technological marvel but a powerful enabler, opening up myriad new business opportunities for startups across various sectors. The startup landscape itself is flourishing, with over 2.4 lakh DPIIT-recognized startups collectively generating more than 23 lakh jobs, demonstrating a significant impact on employment and economic activity.
Critically, the Finance Minister pointed out a strategic shift in government policy: from a controlling authority to an enabling partner for enterprises. This transformation is manifesting through concerted efforts in formalization, digitization, and comprehensive regulatory reforms, alongside substantial investments in infrastructure. These measures aim to create a more conducive environment for businesses to thrive, innovate, and scale.
Sitharaman specifically urged young entrepreneurs to venture into burgeoning sectors such as artificial intelligence applications in agriculture and food processing. She called for a renewed focus on creating tangible value, investing in robust research and development, and diligently building intellectual property. This strategic emphasis signals a move away from merely chasing high valuations towards fostering sustainable, innovation-driven growth.
The message to India’s entrepreneurial youth was clear: overcome self-imposed limitations, embrace calculated risks, demonstrate unwavering persistence, and continuously innovate. These qualities, Sitharaman concluded, are paramount for India’s journey towards achieving its ‘Viksit Bharat’ (Developed India) goal by 2047.
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