India rapidly moving towards becoming world’s third-largest economy: PM Modi

New Delhi: Prime Minister Narendra Modi on Saturday said that India is rapidly moving towards becoming the world’s third-largest economy, adding that the country has made progress across every sector in the last 11 years.

Speaking at the 16th edition of the Rozgar Mela, the Prime Minister said that India’s manufacturing sector is one of its “greatest strength” and that the government has taken steps to boost employment in the private sector.

“The focus of the Indian government is also on creating new employment opportunities in the private sector. Recently, the government has approved a new scheme – the Employment Linked Incentive scheme. Under this scheme, the government will provide Rs 15,000 to youth securing their first job in the private sector, meaning the government will contribute to the first salary of their first job. For this, the government has allocated a budget of about Rs 1 lakh crore, and this scheme will help in creating approximately 3.5 crore jobs,” he said.

He also highlighted the steps taken to support manufacturing, saying, “Today, one of India’s greatest strengths is our manufacturing sector. A large number of new jobs are being created in manufacturing… To boost the manufacturing sector, Mission Manufacturing has been announced in this year Budget. In recent years, we have strengthened the Make in India campaign.”

The Prime Minister said that two sectors in particular, electronics and mobile phone manufacturing, and defence manufacturing, have seen massive growth.

“From PLI scheme, 11 lakh jobs were created. In the recent years, mobile phones and electronic sectors saw unprecedented expansion. Today, electronics worth Rs 11 lakh crores are being manufactured. This sector has witnessed growth of more than 5 times in the last 11 years. Earlier, there were only 2-4 units of mobile phone manufacturing. Now, the number has increased to 300 units where lakhs of youth are working…”

He also spoke about the rapid growth in defence production, especially after Operation Sindoor: “There is one more such sector and after Operation Sindoor, it has been widely discussed. It is defence manufacturing. India is making new records in defence manufacturing. Our defence production has reached beyond Rs 1.25 lakh crores… Today, our country is rapidly moving towards becoming the world’s third-largest economy. This is the marvel of the hard work of my youth. In the past 11 years, India has made progress across every sector,” he said.

Quoting a report by the International Labour Organisation (ILO), the Prime Minister said that government welfare schemes have also helped boost employment.

“Recently, a report by the International Labour Organisation stated that in the past decade, over 90 crore citizens in India have been brought under the coverage of welfare schemes. The impact of these schemes goes beyond welfare — they have also contributed significantly to employment generation. For instance, under the Pradhan Mantri Awas Yojana, over 4 crore houses have been built so far. And it’s not just about providing homes. The process of building these houses has created countless job opportunities across the country. In this, most of the jobs were created in villages,” PM Modi added.