Need tech-savvy forces to protect digital world: FM Nirmala Sitharaman

India needs to build tech-savvy forces to protect its digital world, which is a catalyst for economic growth, at a time when technology, if misused by vested interests, can threaten the country’s financial services and national security, Finance Minister (FM) Nirmala Sitharaman said on Monday.

 

Speaking at the fourth convocation ceremony of Rashtriya Raksha University in Gandhinagar, Gujarat, Sitharaman said, “At this juncture, it is important for us to recognise the new challenges facing the country’s security, and not just at the borders. Today, technology doesn’t wait to recognise borders. Technology, as much as it’s available to us to increase productivity, is also being misused by some vested interests or dark forces,” Sitharaman said.

 

The FM said that the country’s digital public infrastructure, which has become an enabler in the lives of people, is also facing threats, including from banks, the stock market, payment institutions, or platforms running online marketing or cab services.

 

Sitharaman said that India was growing in the eyes of all its competitors, many of whom find such growth astonishing. “There can be many well-wishers. Some people think this should not be entertained, and who can challenge us,” the FM said.

 

She noted that many in the developed world do not have the digital prowess that India has seen in the past decade.

 

“As much as you need physical force to take care of our borders, we also need forces within the country who are tech-savvy, who are also conscious of the threats before us,” Sitharaman said.

 

Sitharaman highlighted that India, which was the second-largest arms importer between 2015 and 2019, has now become a net exporter and is among the top 25 arms exporters. In value terms, she said India had reached a record high of Rs 1.27 trillion in 2023-24 in defence production, which was a 2.7-fold increase over 2014-15. “Defence exports also surged to an all-time high, reaching Rs 21,083 crore in 2023-24 from Rs 686 crore in 2013-14. There has been a 30-fold increase in defence exports,” she added.