Over 10% economic growth possible for India: Finance Minister

Union Finance Minister Nirmala Sitharaman at the 7th edition of the IITMAA Sangam 2026 annual conference, on the theme ‘Atmanirbhar Bharat - Building a Self-Reliant India’, in Bengaluru | Photo Credit: PTI India can achieve economic growth of more than 10%, but reaching that level will require stronger efforts across sectors, including startups, technology and agriculture, Finance Minister Nirmala Sitharaman said on Saturday.Speaking at a fireside chat at Sangam 2026, the annual fest of the IIT Madras Alumni Association in Bengaluru, Sitharaman said higher growth would accelerate India’s journey towards an Atmanirbhar Bharat and Viksit Bharat.“It is possible for us to reach 10-plus growth. I am not just saying it to pep you all up. It is possible, but it would require a lot more effort from all stakeholders,” she said.Sitharaman said India had significant headroom to raise growth by opening new avenues for talent and technology and applying innovation to persistent economic challenges. The startup ecosystem, which has expanded rapidly since 2015, could make a much larger contribution to economic growth in the coming years, she said.She also called for greater optimism about India’s economic progress, saying the country had “too many naysayers” and urging people to recognise developments taking place on the ground.Technology-led interventions in agriculture could significantly improve productivity, connect farmers with markets and accelerate farm operations, Ms. Sitharaman said. Drones and geospatial technologies were already transforming areas such as land mapping, while technology could help address underemployment in agriculture by raising productivity and equipping workers with new skills, she added.Ms. Sitaraman cited the use of point-of-sale machines in fertiliser distribution as an example of technology reducing pilferage. Such systems record details of farmers, landholdings, crops and fertiliser quantities, helping optimise fertiliser use and reduce the risk of soil and water contamination.The Finance Minister attributed India’s economic transformation over the past decade to deliberate policy interventions rather than an automatic process.Responding to a question on India’s earlier inclusion among the “Fragile Five” economies, she said the government had first identified sectors requiring urgent attention, worked to restore confidence in institutions and subsequently opened sectors to greater private participation.Banking reforms and the infusion of capital into banks were among the measures taken to strengthen the financial system, according to her.The opening of the space sector to private participation had also triggered the emergence of startups developing satellites and other technologies, Ms. Sitharaman said. Renewable energy, nuclear technology, artificial intelligence and other emerging sectors could become important drivers of India’s next phase of growth, she added. Published - September 26, 2026 06:50 pm IST