Innovators Urged to Prioritize Ideas Over Profits

Union Finance Minister Nirmala Sitharaman encouraged young innovators to focus on their ideas rather than immediate profitability, assuring government support through incubation and mentoring. She emphasized collaboration among investors, mentors, and regulators to help innovators achieve commercial success. Sitharaman highlighted India's potential to retain and attract skilled talent.

Union Finance Minister Nirmala Sitharaman has called on young innovators to prioritize the development of their ideas over profitability concerns, affirming the government's commitment to providing incubation and support mechanisms.

Speaking at IIT Dharwad, Sitharaman emphasized that profitability will follow the commercialization and scaling of innovative products. She told the students that their main focus should be on innovation, while regulatory and business concerns should be secondary.

The Finance Minister highlighted the importance of a collaborative effort among investors, mentors, and regulatory bodies to support innovators in achieving commercial success. She also pointed out India's favorable environment for startups and innovation, making it an attractive destination for skilled talent.

(With inputs from agencies.)