Prime Minister Narendra Modi has consistently emphasized the pivotal role of innovation in propelling India toward a prosperous and sustainable future. As the nation navigates through the complexities of modern challenges, substantial investments in innovation have become the cornerstone of its strategy for economic growth and development.
Under PM Modi’s leadership, the Indian government has made historic moves to foster a culture of innovation across various sectors. The recent budget announcements have particularly highlighted this direction, with an unprecedented allocation of ₹20,000 crore aimed at stimulating private sector-led research and development (R&D). This initiative is part of a broader vision to transform India into a global hub for technological advancements and innovation.
A significant focus has been placed on developing next-generation technological capabilities, including artificial intelligence (AI) and semiconductor manufacturing. The government’s proactive stance is exemplified by the launch of the ‘Deep Tech Fund of Funds,’ which seeks to provide financial assistance to burgeoning startups, thereby nurturing an ecosystem ripe for technological breakthroughs.
In a landmark move to boost the semiconductor industry, PM Modi laid the foundation for three major semiconductor projects with a combined investment of ₹1.25 trillion. These projects are not just investments in infrastructure but are seen as strategic steps toward achieving self-reliance and modernizing India’s industrial capabilities. The initiative aligns with the government’s aim to mitigate the previous dependencies on international supply chains, which were highlighted during the recent global chip shortages.
Moreover, the emphasis on innovation extends beyond technology. The government has also prioritized investments in people through significant enhancements in education, healthcare, and skill development. Initiatives like the PM Internship Scheme aim to equip the youth with practical skills and new opportunities, reinforcing the human aspect of India’s growth narrative.
By 2047, when India celebrates a century of independence, the investments made today in innovation and technology are expected to have matured, positioning India as a developed nation. This vision for a ‘Viksit Bharat’ is supported by comprehensive plans for urbanization, medical advancements, and an inclusive approach that considers the socio-economic upliftment of all demographics.
These developments mark a transformative phase in India’s economic strategy, centered on a holistic approach that integrates technological prowess with an emphasis on human development and job creation.
