Union Finance Minister Arun Jaitley has said that agriculture has failed to give subsistence to farmers, who constitute over 55 per cent of the population.

“Agriculture barely gives them subsistence. They are about 55 per cent of population, but the sector contributes only 16 per cent to the Gross Domestic Product. We can’t afford to have this situation. This can create inequalities,” he said.

Opportunities lost Jaitley was here on Sunday to inaugurate the 40-acre Hyderabad campus of Symbiosis International University located 60 kilometres from Hyderabad.

Addressing students later, he said the country had missed three manufacturing revolutions, the latest being the low-cost manufacturing revolution. “Countries like China and some Asian countries have taken advantage of that. Now it seems there is a fourth industrial revolution on the horizon to catch up,” he said.

Role of institutes He, however, felt that the country had a fair chance this time. The services sector has emerged very strong with a contribution of 60 per cent to the GDP. “We have one-sixth of world’s population. On the other side, populations in the developed nations are contracting. They don’t have people to manage their economic systems,” he said.

He said establishment of strong educational institutes was very important to create human resources that would not only help India but also help the world as a whole. “It is an economic necessity to create these institutes,” he said.

Asking students to achieve academic excellence, he said settling for mediocrity would take them nowhere. “You see the lists of top industrialists before the year 1991 and the current list. There will be a few common names. A new breed of entrepreneurs has arrived, disrupting the conventional models in order to create a space for them,” he said. “There is a large crowd (of students) at the bottom. You need to be at the top,” he said, asking the students to strive hard in their academics. Meanwhile, Symbiosis International University Principal Director Vidya Yeravdekar has requested the Telangana government to allot 300 acres for expansion. Responding to her query, Telangana IT and Industry Minister KT Rama Rao promised to consider the request provided the university start more disciplines as they have in Pune. The function was disrupted for about 10 minutes by supporters of local MLA Anjaiah Yadav, upset that the MLA was not invited on to the dais. KT Rama Rao pacified the supporters and the meeting resumed after the MLA got a seat on the dias.

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