India has succeeded in creating a dynamic technology ecosystem and continues to strengthen its position as the world’s fastest-growing economy despite challenges like trade tariffs and skill gaps, Jammu and Kashmir Lt Governor Manoj Sinha said on Monday.
India has now become the world’s fourth-largest economy and is on course to become a USD 5 trillion economy by 2027, he said, addressing the 5th convocation of the Indian Institute of Technology (IIT) Bhilai in Chhattisgarh’s Durg district as the chief guest.
“You (graduating students) are entering the professional world at a time when India is one of the fastest-growing economies in the world. Today, India is the world’s fourth-largest economy. By 2027, with a 5 trillion dollar economy, we are going to become the world’s third largest economy,” Sinha said.
“While many countries are facing a slowdown in manufacturing, India’s manufacturing sector is growing. Industrial production increased by 5.4 per cent till July this year. The technology sector now contributes around 8 per cent to the GDP, generating over USD 280 billion in revenue in the financial year 2024-25,” he noted.
Sinha said India’s diverse talent pool is among its biggest strengths, with a hiring diversity rate of 67 per cent, higher than the global average of 47 per cent.
“In non-metro cities, hiring has increased by nearly 50 per cent this year. Despite challenges such as trade tariffs and skill gaps in many sectors, India has succeeded in creating a dynamic technology ecosystem,” he added.
Sinha said the AI India Mission has infused new energy into the country’s innovation ecosystem and aims to add USD 1.7 trillion to the Indian economy by 2035.
“Of the total global capacity centres operating in India, 500 are working on AI and machine learning. Through its seven pillars, the AI Mission will revolutionise agriculture, healthcare, climate change, and governance sectors,” he said.
All these statistics prove that this is a golden era for graduating students, he added.
Highlighting the changing pace of innovation, Sinha said as many as 16,000 innovations are being recorded globally every day, while research and development are growing at a rate of 5 to 7 per cent annually.
“Artificial Intelligence, renewable energy, biotechnology, medical technology, space technology, and manufacturing are creating limitless opportunities for young engineering professionals,” he said.
AI has become one of the fastest-growing sectors, with patent filings increasing by 12 per cent annually and demand for professionals growing by 20 per cent each year, Sinha pointed out.
“Due to the integration of AI with traditional engineering, future demand for generative design and productive maintenance professionals will rise significantly,” the J&K Lieutenant Governor said.
“Green and renewable technology sectors are also bringing new opportunities amid the challenges of climate change and global warming. The International Labour Organisation estimates that by 2030, 12.5 million energy system engineers will be required globally,” he added.
Sinha called upon students to aim high and not fear failure.
“Ordinary goals are for ordinary people. You are extraordinary, take risks, innovate, and make your life an adventurous journey. When you take new paths, you will create innovation and drive positive change in society.”
Adani Cement Chief Executive Officer Vinod Bahety was present as a special guest.
During the convocation, 269 students who graduated in 2025 were awarded degrees, the institute said. (Agencies)
