Prime Minister Narendra Modi states that the path to a Viksit Bharat will progress alongside Digital India, with the upcoming major focus being self-reliance in technology.

Modi, while inaugurating and laying Digital India the foundation stone for metro projects valued at approximately Rs 22,800 crore in Bengaluru, stated that India is now on course to emerge as one of the top three economies.

The International Monetary Fund (IMF) forecasts that India will rank as the fourth-largest economy in 2025 and as the third-largest by 2027-28. India aspires to achieve developed nation status by 2047, marking the centenary of Independence.

“Becoming self-sufficient in technology must be our top priority,” Modi states, emphasizing that Indian tech firms have gained global recognition, creating software and products for everyone. He emphasized that it is now essential to focus more intensively on India’s requirements and expedite the creation of new products, particularly since software and apps are being utilized in every sector.

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He emphasized the need for concentrated initiatives to excel in emerging sectors, insisting that India's products must meet the 'zero defect, zero effect' criterion, indicating they should be perfect in quality and have no adverse effects on the environment.

To enhance India’s research and innovation landscape, the Cabinet approved the Research Development and Innovation (RDI) Scheme last week, allocating Rs 1 lakh crore to support emerging sectors, fund technology initiatives, acquire technology, and establish a deep-tech fund of funds.

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Acknowledging the vital function of the private sector in fostering innovation and bringing research to market, the RDI Scheme seeks to offer long-term funding or refinancing with extended terms at minimal or no interest rates to encourage private sector investment in RDI.