Prime Minister Narendra Modi on Wednesday emphasized that a nation’s future is shaped by its investments in innovation. Highlighting the transformative potential of artificial intelligence (AI), he stated that AI could significantly boost India’s economy by contributing several lakh crore rupees and creating millions of jobs.
He referred to the allocation of Rs 500 crore in the Union Budget for AI-driven education and research.
Discussing plans to establish a National Large Language Model to advance AI capabilities in India, the Prime Minister urged private sector players to remain ahead in the global AI landscape. “The world awaits a reliable, safe, and democratic nation that can provide economical AI solutions,” he remarked during a post-Budget webinar, underscoring that investments made today in AI would yield substantial future benefits.
PM Modi also highlighted India’s growing startup ecosystem, stating, “India has become the third-largest startup ecosystem in the world.” He noted that multiple measures introduced in the Union Budget aim to further support startups.
He mentioned the approval of a Rs 1 lakh crore corpus fund to enhance research and innovation, which will encourage investments in emerging industries through the ‘Deep Tech Fund of Funds’.
Additionally, the Prime Minister highlighted the provision of 10,000 research fellowships at IITs and IISc, aimed at fostering research and offering opportunities for talented young minds.
He also discussed the National Geo-spatial Mission and the National Research Foundation, stressing their role in accelerating innovation.
Touching upon India’s rich cultural heritage, PM Modi underscored the importance of the Gyan Bharatam Mission, which focuses on preserving ancient manuscripts. He announced that over one crore manuscripts will be digitized under this initiative, leading to the establishment of a National Digital Repository. “This repository will enable scholars and researchers worldwide to access India’s historical, traditional knowledge and wisdom,” he said.
The Prime Minister further highlighted the creation of a National Gene Bank to safeguard India’s plant genetic resources, ensuring food security and the conservation of genetic material for future generations.
Citing the International Monetary Fund’s (IMF) observations on India’s economic trajectory, PM Modi pointed out that between 2015 and 2025, the country has experienced a remarkable 66% economic growth, reaching a $3.8 trillion economy.
He emphasized that India’s economic growth has outpaced several major global economies and affirmed that “the day is not far when India will become a $5 trillion economy.”