Vice President Dhankhar Emphasizes Innovation and Economic Nationalism at IIT Hyderabad
Vice President Jagdeep Dhankhar highlighted the importance of innovation in solving challenges and driving progress. Speaking at an event at IIT Hyderabad on Sunday, he stated that innovation plays a crucial role in sustainable development and improving lives.
He pointed out that India, with its population of 1.4 billion, has made great strides in technology and digitization. Even in rural areas, people have embraced technology, which has earned global recognition. Dhankhar, the son of a farmer, expressed pride in how villages are adapting to digital advancements, making government policies and services more effective.
The Vice President mentioned that nearly 100 million farmers receive direct payments in their bank accounts three times a year. This achievement, he said, was possible because of the Prime Minister’s vision to connect farmers with the banking system. Additionally, more than 500 million people have gained banking access in a short time. However, he warned that nepotism remains a major concern, as favoritism in jobs and opportunities frustrates young people.
Dhankhar also spoke about past corruption in government decision-making, where patronage created a privileged class. He recalled his personal struggles, mentioning that he got admission to an IIT but lacked the financial means to enroll. As a young advocate, he worked hard to secure a loan of 6,000 rupees, which was only possible because a bank manager believed in his potential. He linked this experience to today’s changing landscape, where start-ups and unicorns are emerging from smaller cities.
Addressing Gen Z and the younger generation, he said they are key to the nation’s progress. He stressed the importance of understanding the country’s current state, explaining that national stability is essential for growth. He highlighted India’s leadership in quantum computing, the Green Hydrogen mission, and the commercialization of 6G technology, stating that these advancements place India among the top nations in the world.
Dhankhar also spoke about the rise of artificial intelligence, calling it a new industrial revolution that presents both challenges and opportunities. He reminded the audience of India’s economic struggles in 1990, when the country had to airlift gold to Swiss banks to maintain financial stability. Back then, India’s foreign exchange reserves were only one billion US dollars. Today, the reserves have grown to 700 billion US dollars, but he cautioned about the trade deficit with a neighboring country, which has reached 90 billion US dollars.
He urged young people to take responsibility for addressing economic challenges. He emphasized the need for “economic nationalism,” encouraging students, parliamentarians, industry leaders, and academics to support the nation’s economic growth.
The event was attended by State Governor Jishnu Dev Varma, MP M Raghunandan Rao, IIT Hyderabad Director Murthy, and other dignitaries.
