New Delhi, March 5 The future of the nation is determined by investments in innovation, Prime Minister Narendra Modi said on Wednesday, highlighting that artificial intelligence (AI) has the potential to not only contribute several lakh crore rupees to India's economy but also generate millions of jobs.
He mentioned the allocation of Rs 500 crore in the Union Budget for AI-driven education and research.
Mentioning the plans to establish a National Large Language Model to develop AI capabilities in India, the Prime Minister urged the private sector to stay ahead of the global curve in this field.
"The world awaits a reliable, safe, and democratic nation that can provide economical AI solutions," he added during a post-Budget webinar, emphasising that investments made in this sector today will yield significant advantages in the future.
"India has become the third-largest startup ecosystem in the world," said PM Modi, 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, which will increase investments in emerging sectors through the ‘Deep Tech Fund of Funds’.
The Prime Minister noted the provision of 10,000 research fellowships at IITs and IISc, which will foster research and provide opportunities for talented youth.
The role of the National Geo-spatial Mission and the National Research Foundation in accelerating innovation was also touched upon during PM Modi’s speech during the webinar.
Underlining the significance of the Gyan Bharatam Mission in preserving India's rich manuscript heritage, PM Modi announced that over one crore manuscripts will be digitised under this mission, leading to the creation of a National Digital Repository.
"This repository will enable scholars and researchers worldwide to access India's historical, traditional knowledge and wisdom," PM Modi added.
The Prime Minister also mentioned the establishment of a National Gene Bank to preserve India's plant genetic resources, emphasising that this initiative aims to ensure genetic resources and food security for future generations.
Citing the remarkable observations made by the IMF regarding India's economy in February, PM Modi noted that between 2015 and 2025, India's economy has recorded a 66 per cent growth, making it a $3.8 trillion economy.
The Prime Minister emphasised that this growth surpasses that of several major economies, and that the day is not far when India will become a $5 trillion economy.
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