Hyderabad: Vice President Jagdeep Dhankhar said that innovation is a cure-all for our needs and for the challenges we face. It serves as a comprehensive solution to foster progress, drive sustainable development, and address our problems.

Addressing an event at IIT Hyderabad on Sunday, he said, "We are a nation of 1.4 billion people, spread across rural, semi-urban, urban, and metropolitan areas. When it comes to technological penetration and digitisation, consider the remarkable accessibility and adaptability of technology among our villages. This achievement has garnered us global recognition. The effectiveness of a people-centric policies and service delivery can be attributed to the ability of "our brothers and sisters in the villages to embrace technology. As a farmer’s son, I take immense pride in this," he added.

The Vice President said that three times a year, about 100 million farmers receive direct payments in their bank accounts. It’s not merely about the government or the system; it’s an accomplishment that highlights the farmers' ability to access these services. This achievement would not have been possible without the Prime Minister's vision to ensure that they have access to the banking system.

Further, in a remarkably short span, over 500 million people have gained banking access. However, the issue of nepotism remains deeply unacceptable to our youth. When patronage becomes a prerequisite for employment or opportunity, it leads to profound frustration.

He highlighted that not long ago, power corridors were rife with corruption, where decision-making was heavily influenced by patronage, creating a privileged class that believed they were above the law. This environment has been particularly frustrating for young minds, including myself. "I recall my struggles; gaining admission to an IIT but lacking the financial means to enroll. As an advocate, I worked tirelessly to secure a loan of 6,000 rupees for my education. The bank manager was willing to lend it to me, recognising my potential, which reflects the transformative change we are witnessing today, with start-ups and unicorns emerging from tier 2 cities."

Dhankar said to the younger generation—Gen Z and those who come after—you are vital stakeholders in our democracy and the progress of this nation. To understand our direction, we must examine the state of our nation. A country’s state is fundamental; if a nation is at war, everything is affected. Therefore, the condition of the nation, along with its growth trajectory and ecosystem, is crucial.

He highlighted that India stands among the top global leaders, especially in areas of technological advancement such as quantum computing, the Green Hydrogen mission, and the commercialisation of 6G. We are entering the big league of nations, appealing not just to the ordinary youth, but to future innovators. Artificial intelligence is creating a paradigm shift, ushering in a new industrial revolution full of challenges and opportunities for you. Let me remind you of a significant moment from 1990, "when I was a Minister. At that time, we had to airlift our gold to two banks in Switzerland to maintain our fiscal credibility, as our foreign exchange reserves were dangerously low—around one billion US dollars."

Now, we possess around 700 billion US dollars in reserves, but you should be concerned about our trade deficit with a neighbouring country, which stands at 90 billion US dollars. Recent figures indicate a 17 per cent increase in imports year-on-year, while exports have only grown by 11 per cent. The responsibility to address this situation lies with you, he stressed.

You have the ability to bring about transformative change, but you will need support. One crucial aspect "I seek to instill in your minds—along with those of parliamentarians, industry leaders, and academic representatives—is the notion of economic nationalism."

State Governor Jishnu Dev Varma, MP M Raghunandan Rao, IITH Director Murthy and other dignitaries were present on the occasion.