Prime Minister Modi recently addressed a post-budget webinar, focusing on “Investing in People, Economy, and Innovation,” outlining the government’s blueprint for India’s future. Emphasizing capacity building and talent nurturing, he highlighted the need for investment in education, skill development, and healthcare.
The government’s education initiatives include the National Education Policy, expansion of IITs, and integration of technology. Efforts such as digitization of textbooks and providing learning materials in 22 languages aim to modernize India’s education system. Since 2014, over 30 million youths have received skill training, with plans to upgrade 1,000 ITI institutes and create 5 centers of excellence.
The budget announcement of 10,000 additional medical seats aims to add 75,000 seats in the next five years. Expanding tele-medicine facilities and digital healthcare infrastructure is expected to create new employment opportunities. The Urban Challenge Fund, worth $12 billion, aims to support planned urbanization, focusing on governance, infrastructure, and private investment.
The tourism sector, with the potential to contribute up to 10% of GDP, is expected to generate significant employment. Fifty destinations will be developed with a focus on tourism, and infrastructure status for hotels will boost local employment. The Mudra scheme for home-stays has been expanded, and campaigns like “Heal in India” and “Land of the Buddha” aim to attract global tourists.
Modi emphasized the potential of Artificial Intelligence (AI) in boosting the economy, with $60 million allocated for AI-driven education and research. The National Large Language Model will develop AI capabilities, while the private sector is encouraged to invest in AI.
India’s startup ecosystem, the third largest globally, will benefit from a $12 billion corpus fund to promote research and innovation. The government has allocated funds for research fellowships and initiatives like the National Geo-spatial Mission and National Research Foundation. The Gyan Bharatam Mission aims to preserve India’s manuscript heritage by digitizing over 10 million manuscripts.
The IMF has noted India’s impressive economic growth, with the economy growing 66% from 2015 to 2025, reaching $3.8 trillion. With the right investments and implementation of budget announcements, Modi expressed confidence in achieving a $5 trillion economy. The Prime Minister urged stakeholders to continue their efforts, emphasizing the importance of public participation in realizing the nation’s dreams.
