Five trillion dollar economy is not far away: PM Modi
Prime Minister Narendra Modi said on Wednesday that India’s economy grew 66% over the last decade, citing a February report from the International Monetary Fund (IMF).
Speaking at a post-budget webinar on employment generation, Modi highlighted what he called “remarkable observations” from the IMF regarding India’s economic performance.
“According to this report, between 2015 and 2025, in these 10 years, India’s economy has recorded a 66 percent growth. India has now become a 3.8 trillion dollar economy,” Modi said. “The day is not far when India will become a 5 trillion dollar economy.”
The PM emphasised the importance of implementing budget announcements, noting his government has moved away from traditional approaches to budget management.
“Now, we engage with stakeholders before, during, and after the budget to ensure smooth implementation,” he said. “Such a participatory model is rare, but I am happy that this annual brainstorming exercise is gaining momentum every year.”
Modi added that “discussions after the budget are often more valuable for its implementation than those before the budget.”
During the webinar, Modi outlined that “investing in people, economy and innovation” defines his government’s “Viksit Bharat (developed India)” roadmap, giving it “as much priority” as infrastructure and industries.
The PM described his government’s “vision of investment in people” as resting on three pillars: education, skill development and healthcare.
“We are seeing that the education system of India is going through transformation after decades,” Modi said, listing several initiatives including “the National Education Policy, expansion of IITs, integration of technology in the education system, using AI with full potential, digitisation of textbooks, learning materials availability in 22 languages.”