Invest in people to lift economy, Modi says

Prime Minister Narendra Modi this week called on all stakeholders to “invest in people” and nurture talent to lift India’s economic growth prospects.

Speaking at a post-budget webinar on employment on Wednesday, Modi said his government’s budget prioritized investment in infrastructure, industries, human capital, and technological advancements.

“The vision of investing in people stands on three pillars: education, skill, and healthcare,” Modi said.

The prime minister also underscored the potential of artificial intelligence’s (AI’s) role in boosting India’s economy. The budget has allotted Rs500 crore for AI-driven education and research, including the development of a National Large Language Model.

“The world awaits a reliable, safe, and democratic nation that can provide economical AI solutions,” he said, encouraging private sector involvement.

Citing International Monetary Fund (IMF) data, Modi said that the size of India’s economy grew by 66% between 2015 and 2025, reaching $3.8 trillion.

Modi also reaffirmed his government’s goal to grow India’s economy to $5 trillion by making smart investments and properly using budget plans.

Talking about skill development, Modi said that over 30 million young people have been trained since 2014.

The government has improved 1,000 industrial training institutes (ITIs) and set up five Centers of Excellence to provide training that matches industry needs, he said.

Modi stressed the need for industry and universities to work together so young people can adjust to the fast-changing job market.

The prime minister also announced a Rs1 trillion fund to support research and innovation, including 10,000 research fellowships at IITs and IISc, while pointing out how the National Geo-spatial Mission and the National Research Foundation are helping to advance technology.