Dharwad (Karnataka): Union Finance Minister Nirmala Sitharaman on Tuesday encouraged young innovators to focus on innovation and product development rather than worrying about profitability in the early stages of their ventures.
Addressing students after inaugurating the dhaRti BioNEST Incubation Centre at the Indian Institute of Technology (IIT) Dharwad, Sitharaman emphasised that the government remains committed to supporting innovators through incubation programmes, mentoring, and other hand-holding mechanisms.
“Young innovators, your core business is to keep innovating. Profitability comes absolutely only when you are reaching the stage of commercialising and scaling up your production,” she said.
The Finance Minister underlined that innovators should not be burdened with non-core concerns such as regulatory compliance or immediate profits, as those could distract them from their creative and technological pursuits.
“It is not an innovator’s business to become profitable. He keeps producing fancy, good things which are going to be transformational for society,” she remarked.
Government’s continued support for startups and researchers
Sitharaman assured that the Centre is committed to nurturing India’s innovation ecosystem through incubation centres like dhaRti BioNEST, which provide resources, mentorship, and technical support to early-stage entrepreneurs.
The minister said the focus should be on developing a robust support structure where investors, mentors, and regulatory agencies work together to help innovators transition from research to market readiness.
“I would want a system, and I think in government, we are very favourably inclined to keep supporting innovators. But of course, you will reach a stage where you can make your profit. So I think in the timeline, first comes your innovation—improving on your innovation—but equally, there should be a set of people who can handhold you and really lead you towards profit,” she said.
She highlighted that sustainable growth of innovation requires coordination between the academic community, industry experts, and government institutions to transform ideas into scalable enterprises.
India’s growing innovation ecosystem
Sitharaman noted that India is now at an inflection point in retaining and attracting global talent, given its rapidly improving environment for startups, scientific research, and technology-led innovation.
“So I think the face for retaining, in my words, attracting that skill, that knowledge, is now growing in India, and I would think therefore retention or holding back or attracting talent should now be possible for us,” she said.
The minister also praised the role of premier institutions like IIT Dharwad in fostering innovation and entrepreneurship across emerging sectors such as biotechnology, renewable energy, and digital technology.
The newly inaugurated dhaRti BioNEST Incubation Centre aims to serve as a hub for biotechnology startups, offering laboratory facilities, mentorship, and funding opportunities under the BioNEST initiative of the Biotechnology Industry Research Assistance Council (BIRAC).
Focus on innovation-led economic growth
Experts present at the event highlighted that India’s innovation-driven economy has seen a sharp rise in startup activity, supported by flagship schemes such as Startup India and Atal Innovation Mission.
Sitharaman reiterated that the government’s vision is to create an ecosystem that allows innovators to take risks, develop prototypes, and scale their ideas into commercially viable solutions without immediate financial pressure.
She called upon industry leaders, venture capitalists, and academia to work collaboratively to ensure that India’s innovators are guided effectively from idea conception to market success.
Conclusion
Sitharaman’s message to the young innovators at IIT Dharwad reinforced the government’s belief that innovation must precede profitability. With initiatives like dhaRti BioNEST and increased government-industry collaboration, India continues to strengthen its position as a global hub for research, startups, and technological advancement.