Tools of economy have changed today: Jaitley

Sharath Chowdary

With a lot of changes in the field of education and technology, the tools of economy have today changed, Finance Minister Arun Jaitley said. The new generation of entrepreneurs have come up with disruptive innovations. To create a space in this competitive environment, new tools of learning are required. And sky is the only limit for education and career, he said.

Jaitely was addressing the students after inaugurating the new campus of Symbiosis International University (SIU) near Hyderabad on Sunday. He said, “India has missed the first industrial revolution and lost the opportunity during the second and third industrial revolutions as well. China and other Asian countries have benefited rather than India. Hopefully, we may catch up with the fourth industrial revolution that intends for low-cost manufacturing.”

India is mainly a services hub which contributes more than 60% of the country’s GDP. Agriculture barely gives subsistence to agriculturists, and people are already underemployed here. The country cannot afford to have 55% people in agriculture contributing only 16% to the GDP. The manufacturing sector’s aspiration to achieve 25% of the economy is yet to reach, he said highlighting the need for a fine balance between the three primary sectors.

Population in many developing countries is aging and contracting, as the family system has cracked up in those countries. Citing an example, he said that 30% of the families in London are single person families. However, India has one-sixth of the global population and we believe this could be an advantage if they are converted as human resource. Education plays an important role in developing the human resources, the minister said.

The age for excellence has come down today, and youngsters are becoming successful in their early thirties handling top positions in their careers across various fields. There is no scope for mediocrity and initially one should move fast-track to achieve peak success, Jaitley advised to the students.

Telangana IT Minister KT Rama Rao inaugurated the Hyderabad Chapter of Symbiosis Centre for Entrepreneurship and Innovation (SCEI). He asked the students to forget the old manufacturing mantra of ‘define, design and deliver’ and to adopt the new age mantra of ‘innovate, incubate and incorporate’. The SCEI was established to promote entrepreneurship and foster innovation among the students of SIU.

S B Mujumdar, Founder and Chancellor of SIU urged for freedom to educational institutes. He said, India should come up with more institutes imparting quality education that would instil a bright future among the younger generation.

Rajani Gupte, Vice Chancellor of SIU said that the Hyderabad off-campus centre has been constructed with an investment of Rs.120 crore in a 40-acre land. The SIU is expecting to make it a 100-acre campus if Telangana government allots further land at a subsidised rate, she added.

Arun Jaitely, KTR, S B Mujumdar and others at the new campus of Symbiosis International University near Hyderabad on Sunday.