India On Track To Become $5-Trillion Economy, Says Modi

Prime Minister Narendra Modi said on Wednesday that India is on track to become a $5 trillion economy soon. He urged everyone to invest in people, the economy, and innovation to create jobs and boost growth.

In a webinar on employment, Modi mentioned that the government provided skill training to 3 crore youths since 2014, upgraded 1,000 ITIs and set up five centres of excellence.

Referring to an IMF report from February 2025, Modi noted that India grew by 66% between 2015 and 2025, making it a $3.8 trillion economy. He emphasised the importance of making the right investments to continue expanding the economy and acknowledged the contributions of all stakeholders.

Modi highlighted the need for capacity building and talent nurturing for national development. He said that greater investment in these areas is essential for the next phase of growth.

He explained that the vision of "investment in people" is based on three pillars: education, healthcare, and skill development. He added that India's education system is transforming.

Modi said this year's Budget is a blueprint for India's future, with investments prioritised across infrastructure, industries, people, economy, and innovation.

He also mentioned the PM Internship Scheme, which aims 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 five 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% to India's GDP and create employment opportunities for crores of youth.

"Fifty 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 a 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.

The prime minister announced the creation of a repository to provide global access to India's historical and traditional knowledge. He also mentioned the establishment of a National Gene Bank to preserve plant genetic resources, ensuring food security for future generations.

He urged various institutes and sectors to actively participate in these initiatives.

(With PTI Inputs)