The future of the nation is shaped by investments in innovation, Prime Minister Narendra Modi stated on Wednesday, underscoring that artificial intelligence (AI) has the potential to significantly contribute to India’s economy and generate millions of jobs.
Speaking at a post-Budget webinar, PM Modi highlighted the allocation of Rs 500 crore in the Union Budget for AI-driven education and research. He stressed that AI could add several lakh crore rupees to the economy, making it a game-changer for India’s technological advancement.
He also elaborated on the government’s plans to establish a National Large Language Model to develop AI capabilities in India. He urged the private sector to take proactive steps in this field, ensuring that India remains ahead in the global AI landscape.
“The world is looking for a reliable, safe, and democratic nation that can offer cost-effective AI solutions,” he stated, emphasizing that investments made in AI and innovation today will yield immense benefits in the future.
The Prime Minister also pointed out India’s rapid emergence as a global startup hub, stating, “India has now become the third-largest startup ecosystem in the world.” He explained that several measures have been introduced in this year’s budget to further promote and support startups.
One of these measures is the approval of a Rs 1 lakh crore corpus fund dedicated to boosting research and innovation in emerging sectors. This fund will be utilized through the ‘Deep Tech Fund of Funds,’ ensuring greater investments in pioneering technological advancements.
PM Modi also emphasized the government’s initiative to provide 10,000 research fellowships at premier institutions such as the Indian Institutes of Technology (IITs) and the Indian Institute of Science (IISc). He noted that these fellowships will help drive research, foster innovation, and create new opportunities for the nation’s youth.
Additionally, the Prime Minister spoke about the National Geo-spatial Mission and the National Research Foundation, highlighting their role in accelerating research and development. He noted that these initiatives will play a crucial role in enhancing India’s research capabilities and fostering a culture of innovation.
Another key initiative discussed by PM Modi was the Gyan Bharatam Mission, which aims to preserve India’s rich manuscript heritage. He announced that over one crore manuscripts will be digitized under this mission, leading to the creation of a National Digital Repository.
“This repository will be an invaluable resource for scholars and researchers worldwide, granting access to India’s vast historical and traditional knowledge,” he added.
PM Modi also announced the establishment of a National Gene Bank, which will focus on preserving India’s plant genetic resources. He emphasized that this initiative is vital for ensuring long-term genetic diversity and food security for future generations.
Referring to observations made by the International Monetary Fund (IMF) in February, PM Modi highlighted India’s strong economic progress. He noted that between 2015 and 2025, the Indian economy has experienced a 66 percent growth, making it a $3.8 trillion economy.
The Prime Minister stressed that this growth has outpaced several major global economies and expressed confidence that India is well on its way to becoming a $5 trillion economy in the near future.
