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NEW DELHI: Prime Minister Narendra Modi on Wednesday said that the day is not far when India will turn a USD 5 trillion economy as he urged all stakeholders to invest in people, economy, and innovation to create jobs and boost growth.
Speaking in a post-Budget webinar on employment, Modi said the government has provided skill training to 3 crore youth since 2014 and decided to upgrade 1,000 ITIs and set up five centres of excellence.
Referring to an IMF report of February 2025, Modi noted that between 2015 and 2025, India grew by 66 per cent, making the country a USD 3.8 trillion economy.
Observing that the country’s growth surpassed that of several major economies, he said “the day is not far when India will become a USD 5 trillion economy.” He also stressed the importance of making right investments in the right direction to continue expanding the economy.
Modi underlined the critical role of implementing budget announcements in achieving this vision and acknowledged the significant contributions of all stakeholders.
He stated that capacity building and talent nurturing act as the foundation stone for national development and in the next phase of growth, greater investment in these sectors is essential.
“The vision of ‘investment in people’ stands on three pillars education, healthcare, and skill development,” he said adding that today, India’s education system is undergoing a transformation.
He said this year’s Budget serves as a blueprint for India’s future, and that investments have been prioritized equally across infrastructure, industries, people, economy, and innovation.
Modi highlighted the PM Internship Scheme that was launched to provide new opportunities and practical skills to youth.
“We must ensure that businesses at every scale actively participate in this scheme. In this year’s Budget, we announced 10,000 additional medical seats, with a target of adding 75,000 seats in the medical field over the next 5 years.” Modi also talked about the government’s decision to give infrastructure status to the tourism sector, saying that it will generate jobs for youth.
He urged industry to invest in the healthcare sector and also talked about the potential of medical tourism to create jobs.
Modi also emphasized the establishment of daycare cancer centres and the development of digital healthcare infrastructure to ensure quality healthcare reaches the last mile.
Modi highlighted that the tourism sector has the potential to contribute up to 10 per cent to India’s GDP and create employment opportunities for crores of youth.
“50 destinations across the country will be developed with a focus on tourism,” said the Prime Minister adding that granting infrastructure status to hotels in these destinations will enhance ease of tourism and boost local employment.
Highlighting the expansion of the Mudra Yojana to support homestays, Modi also stressed on initiatives like ‘Heal in India’ and ‘Land of the Buddha’ to attract global tourists. “Efforts are being made to establish India as a global tourism and wellness hub.” “To cater to a larger population, planned urbanisation is essential. We have decided to allocate Rs 1 lakh crore to the Urban Challenge Fund. The private sector, especially the real estate industry, must focus on planned urbanisation,” he said.
The government has given importance to skill development at par with the infrastructure sector, he added.
AI, he said could contribute lakhs of crores to the economy. “In this direction, we have allocated Rs 500 crore for AI-driven education and research in the budget.” He also stated that India will set up National Large Language Model for development of AI capacity.
“India has become the third-largest startup ecosystem in the world,” said the Prime Minister, adding that several measures have been introduced in this budget to promote startups.
He mentioned the approval of a Rs 1 lakh crore corpus fund to boost research and innovation. This will increase investments in emerging sectors.
Modi noted the provision of 10,000 research fellowships at IITs and IISc, which will foster research and provide opportunities for talented youth.
The Prime Minister also highlighted the role of the National Geo-spatial Mission and the National Research Foundation in accelerating innovation, stressing the need for collective efforts at all levels to elevate India to new heights in research and innovation.
Underlining the significance of Gyan Bharatam Mission in preserving India’s rich manuscript heritage, Modi announced that over one crore manuscripts will be digitized under this mission, leading to the creation of a National Digital Repository.
This repository will enable scholars and researchers worldwide to access India’s historical, traditional knowledge and wisdom.
The Prime Minister also mentioned the establishment of a National Gene Bank to preserve India’s plant genetic resources.
This initiative aims to ensure genetic resources and food security for future generations. He urged for expansion of such efforts and called on various institutes and sectors to actively participate in these initiatives.
