New Delhi, Mar 5: On Wednesday, Prime Minister Narendra Modi expressed confidence that India is on the brink of becoming a USD 5 trillion economy. He encouraged all stakeholders to invest in human capital, economic initiatives, and innovative solutions in order to generate employment and stimulate growth.
During a webinar discussing employment post-Budget, Modi noted that the government has trained 3 crore youth in skills since 2014 and has made plans to enhance 1,000 ITIs and establish five centres of excellence.
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Referencing an IMF report from February 2025, Modi pointed out that India has witnessed a 66% growth from 2015 to 2025, evolving into a USD 3.8 trillion economy.
He highlighted that this growth rate exceeds that of many major economies, stating, “the day is not far when India will achieve a USD 5 trillion economy.” Modi stressed the necessity of making smart investments in the right areas to facilitate further economic expansion.
He emphasized that the successful implementation of budget proposals is vital to achieving this goal and acknowledged the important roles played by various stakeholders.
According to Modi, enhancing capacity and nurturing talent are fundamental to national progress, requiring greater investments in these areas as the nation enters a new growth phase.
“The vision of ‘investing in people’ is built on three crucial pillars — education, healthcare, and skill development,” he remarked, noting the transformative developments in India’s education system.
He asserted that this year’s Budget serves as a framework for India’s future, prioritizing investments equally across infrastructure, industries, human resources, economy, and innovation.
Modi drew attention to the PM Internship Scheme aimed at providing young people with new opportunities and practical skills.
“We must ensure that businesses of all sizes actively participate in this initiative. This year’s Budget includes the addition of 10,000 medical seats, targeting a total of 75,000 new seats in the medical sector over the next five years.” The Prime Minister also mentioned the government’s decision to grant infrastructure status to the tourism sector, anticipating it will create youth job opportunities.
He encouraged industry investments in healthcare and discussed the potential for medical tourism to generate employment.
Modi underscored the need for establishing daycare cancer centers and enhancing digital healthcare infrastructure to ensure equitable healthcare accessibility.
He pointed out that tourism could contribute up to 10 percent to India’s GDP, creating plentiful job opportunities for millions of young people.
“Across the nation, 50 destinations will be developed with a focus on tourism,” he declared, adding that providing infrastructure status to hotels in these areas would facilitate tourism and enhance local employment.
He also highlighted the expansion of the Mudra Yojana to support homestays and initiatives like ‘Heal in India’ and ‘Land of the Buddha’ aimed at attracting international visitors. “We are making strides to position India as a premier global tourism and wellness destination.” “To accommodate a larger populace, organized urbanization is crucial. We have allocated Rs 1 lakh crore to the Urban Challenge Fund, urging the private sector, especially real estate, to engage in structured urban development,” he stated.
The government prioritizes skill development alongside infrastructure, he added.
Regarding artificial intelligence, he suggested it could significantly contribute to the economy, noting a budget allocation of Rs 500 crore for AI-focused education and research. He also stated that India will establish a National Large Language Model to enhance AI capabilities.
“India has emerged as the world’s third-largest startup ecosystem,” the Prime Minister remarked, indicating that the budget includes numerous measures to foster startups.
He announced a sanctioned Rs 1 lakh crore corpus fund to encourage research and innovation, which is expected to boost investments in emerging sectors.
Modi also cited opportunities for talented youth through the provision of 10,000 research fellowships at IITs and IISc that will promote research endeavors.
Additionally, he stressed the significance of the National Geo-spatial Mission and the National Research Foundation in driving innovation, calling for collaborative efforts at all levels to elevate India’s research and innovation landscape.
He highlighted the Gyan Bharatam Mission’s role in safeguarding India’s valuable manuscript heritage, announcing plans to digitize over one crore manuscripts, leading to the creation of a National Digital Repository.
This repository will grant global scholars and researchers access to India’s historical and traditional knowledge.
The Prime Minister also mentioned the establishment of a National Gene Bank dedicated to preserving India’s plant genetic resources.
This initiative is aimed at ensuring food security and the conservation of genetic resources for future generations, urging various institutes and sectors to actively partake in these vital initiatives. (Agencies)
