India Is Moving Towards Greater Innovation And Self-Reliance: Finance Minister
Union Finance Minister Nirmala Sitharaman highlighted India’s leadership in artificial intelligence (AI) adoption and governance, asserting that the country is not only embracing AI but also shaping its global regulations. Addressing the 6th convocation of the Indian Institute of Information Technology (IIIT) Kottayam on Saturday, Sitharaman stressed India’s readiness for AI and the significant demand for AI-driven solutions across various sectors. She pointed out that India led in AI-related app downloads, with 3 billion recorded in 2024, far surpassing the US at 1.5 billion and China at 1.3 billion downloads. Sitharaman also highlighted India’s prominent role on the global AI stage, citing the country’s appointment as co-chair at the recent AI Action Summit in Paris. At the summit, Prime Minister Narendra Modi stressed that AI is not only a national issue but a shared global responsibility. "What he (Modi) said gives us a very big message—use AI, but use it responsibly. Do not misuse it, do not use it unethically. So, it is very important for us to have AI that is ethical, inclusive, and trustworthy," she said. Sitharaman also said the central government’s initiatives in the field of AI, beginning with the India AI mission. This mission was launched with a budget allocation of Rs 10,300 crore to build robust computing infrastructure, develop indigenous AI capabilities, attract global AI talent, and support AI startups through dedicated financing. "India is not just experimenting with AI. We are not just talking about AI or researching it. We are actually implementing it at scale and across various sectors," Sitharaman said, noting that this has been acknowledged by Microsoft CEO Satya Nadella. In her speech, Sitharaman also highlighted India’s progress in innovation and patenting. She mentioned that the country’s ranking in the Global Innovation Index had climbed to 39 out of 133 countries in 2024, a significant improvement from 81 in 2015. Additionally, she pointed out that India’s patents-to-GDP ratio, which reflects the economic impact of patent activity, had increased to 381 in 2023, up from 144 in 2013, signalling substantial strides in innovation. "Besides that, India holds the 7th position in intangible asset intensity, surpassing the growth rate of many high-income economies and matching the intangible investment intensity of Germany and Japan," FinMin said. She further added that these achievements demonstrate that the country is on the right track, while also acknowledging the need for continuous improvement. "We are moving towards greater innovation and greater self-reliance," she stated. Sitharaman also congratulated the graduating students of IIIT Kottayam and urged them to uphold a culture of respect and responsibility within their institution. She expressed her concerns about the recent ragging incident at a nursing college in Kerala and said, "We do not need that. We do not want anyone to even playfully harass other students. We need to support one another, be better individuals, and become responsible youngsters so that we can build a bright future for the country." She concluded. Also Read: RBI Cut Repo Rate As Inflation Aligns With Target: Governor Sanjay Malhotra
Union Finance Minister Nirmala Sitharaman highlighted India’s leadership in artificial intelligence (AI) adoption and governance, asserting that the country is not only embracing AI but also shaping its global regulations. Addressing the 6th convocation of the Indian Institute of Information Technology (IIIT) Kottayam on Saturday, Sitharaman stressed India’s readiness for AI and the significant demand for AI-driven solutions across various sectors.
She pointed out that India led in AI-related app downloads, with 3 billion recorded in 2024, far surpassing the US at 1.5 billion and China at 1.3 billion downloads.
Sitharaman also highlighted India’s prominent role on the global AI stage, citing the country’s appointment as co-chair at the recent AI Action Summit in Paris. At the summit, Prime Minister Narendra Modi stressed that AI is not only a national issue but a shared global responsibility.
"What he (Modi) said gives us a very big message—use AI, but use it responsibly. Do not misuse it, do not use it unethically. So, it is very important for us to have AI that is ethical, inclusive, and trustworthy," she said.
Sitharaman also said the central government’s initiatives in the field of AI, beginning with the India AI mission. This mission was launched with a budget allocation of Rs 10,300 crore to build robust computing infrastructure, develop indigenous AI capabilities, attract global AI talent, and support AI startups through dedicated financing.
"India is not just experimenting with AI. We are not just talking about AI or researching it. We are actually implementing it at scale and across various sectors," Sitharaman said, noting that this has been acknowledged by Microsoft CEO Satya Nadella.
In her speech, Sitharaman also highlighted India’s progress in innovation and patenting. She mentioned that the country’s ranking in the Global Innovation Index had climbed to 39 out of 133 countries in 2024, a significant improvement from 81 in 2015. Additionally, she pointed out that India’s patents-to-GDP ratio, which reflects the economic impact of patent activity, had increased to 381 in 2023, up from 144 in 2013, signalling substantial strides in innovation.
"Besides that, India holds the 7th position in intangible asset intensity, surpassing the growth rate of many high-income economies and matching the intangible investment intensity of Germany and Japan," FinMin said.
She further added that these achievements demonstrate that the country is on the right track, while also acknowledging the need for continuous improvement. "We are moving towards greater innovation and greater self-reliance," she stated.
Sitharaman also congratulated the graduating students of IIIT Kottayam and urged them to uphold a culture of respect and responsibility within their institution. She expressed her concerns about the recent ragging incident at a nursing college in Kerala and said, "We do not need that. We do not want anyone to even playfully harass other students. We need to support one another, be better individuals, and become responsible youngsters so that we can build a bright future for the country." She concluded.
Also Read: RBI Cut Repo Rate As Inflation Aligns With Target: Governor Sanjay Malhotra
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