Diversification Towards Industrial Sector Key To Boost Growth, Says PM Modi

To uplift the lower strata of Indian society, a shift towards industrial revolution is needed as they have no right over land, the prime minister said in an exclusive interview to NDTV, citing Babasaheb Ambedkar. The burden on agriculture sector to boost economic growth is too high, which needs to be lowered, he said.

"If we introduce sectors that add value to the agriculture sector, there is a direct benefit," Modi said. "Or else, diversify towards industrial growth."

Modi batted for technology to maximise output. The scheme of 'One District, One Product' helps in boosting value-added industrial growth in sectors such as electric vehicles, space exploration, and more, he said.

Modi also spoke about popularity of lab-grown diamonds across the world, and India has opportunity to progress in the sector. India has the potential to become a hub for semi-conductor chips to be used in transportation sector. Similarly, defence manufacturing is another promising avenue for growth in Indian economy, he said.

Defence production worth about Rs 1 lakh crore is underway in the country, with exports of about Rs 21,000 crore, Modi added. "India is at the take off stage for the industrial revolution."

However, for meaningful inflow of foreign investments in India, there needs to be synchronous policies and vision from all states as well apart from the Centre, he said.