Prioritize Bharat's Needs: PM Modi
Prime Minister Narendra Modi remarked that the journey toward a Viksit Bharat will advance together with Digital India, with the next significant emphasis being on technological self-reliance.
Modi, during the inauguration and foundation stone ceremony for metro projects worth around Rs 22,800 crore in Bengaluru, remarked that India is on track to become one of the leading three economies.
The International Monetary Fund (IMF) predicts that India will become the fourth-largest economy in 2025 and the third-largest by 2027-28. India aims to attain developed nation status by 2047, commemorating the 100th anniversary of Independence.
“Achieving self-sufficiency in technology should be our foremost focus,” Modi remarked, highlighting that Indian tech companies have earned worldwide acknowledgment by developing software and products for all. He stressed that it is now crucial to concentrate on India's own needs more thoroughly and should accelerate the development of new products, especially as software and apps are used across all industries.
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Modi stressed the importance of focused efforts to thrive in new industries, asserting that Indian products must adhere to the 'zero defect, zero effect' standard, meaning they should be flawless in quality and have no negative environmental impact.
To improve India’s research and innovation environment, the Cabinet last week sanctioned the Research Development and Innovation (RDI) Scheme, designating Rs 1 lakh crore to bolster emerging sectors, finance technology projects, obtain technology, and create a deep-tech fund of funds.
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Recognizing the essential role of the private sector in promoting innovation and commercializing research, the RDI Scheme aims to provide long-term funding or refinancing with extended terms at low or no interest rates to stimulate private sector investment in RDI.