New Delhi [India], July 18 (ANI): India's next phase of economic growth will increasingly be driven by entrepreneurs willing to take greater risks, leverage technology and expand beyond traditional geographical boundaries, Union Finance Minister Nirmala Sitharaman said, urging young entrepreneurs to overcome hesitation and contribute to the country's ambition of becoming a developed nation by 2047.

Addressing the Special Plenary Session of the YiFi Entrepreneurship Summit 2026 in Madurai, Sitharaman said India is projected to contribute one-sixth of global growth in the coming years, but its entrepreneurial ecosystem has the potential to raise that contribution further.

'It need not just be one sixth. Why can't it be one fourth? It's not a question. We can do it,' she said, adding that the opportunity would have to come from India's entrepreneurs and its young workforce.

Sitharaman highlighted India's expanding startup ecosystem, noting that more than 2.4 lakh DPIIT-recognised startups have created over 23 lakh jobs. She also pointed to the country's digital public infrastructure, with UPI processing more than 20 billion transactions every month, as a platform that is opening new opportunities for businesses.

'The barriers that once separated talent from opportunity are steadily diminishing. Geography of course still matters, but imagination matters far more,' the Finance Minister said, urging entrepreneurs to use technology to access information, resources and markets.

She said the government's role had increasingly shifted from controlling enterprises to enabling them, with formalisation, digitisation, regulatory reforms and infrastructure investments helping businesses start, operate and expand. 'India is the place to be. India is the place to do business,' Sitharaman said, citing policy certainty, tax stability and an approachable government as key advantages.

She called on entrepreneurs to expand into emerging sectors, including artificial intelligence applications in agriculture, food processing and other sunrise industries. She also urged businesses to focus on value creation, research and development and intellectual property rather than only valuations.

'India needs entrepreneurs to aspire, continue creating values, companies that invest in research and development, create intellectual property, mentor future entrepreneurs and earn trust over decades,' she said.

Sitharaman said entrepreneurship beyond boundaries ultimately meant moving beyond self-imposed limitations. 'It is our own hesitation, which is the boundary,' she said, urging young entrepreneurs to embrace risk, persistence and innovation as India moves towards Viksit Bharat 2047. (ANI)