Economy on growth path: Modi

New Delhi: Prime Minister Narendra Modi on Monday said the Indian economy was on the path of rapid growth which had led to creation of big opportunities for the employment of youth.

Addressing a Rozgar Mela where he distributed over 51,000 appointment letters to the youth, the PM said automobile, pharma, tourism and food processing sectors were expected to grow at a rapid pace and open up employment opportunities for the youth.

Modi addressed the Rozgar Mela virtually as the new appointees in central paramilitary forces, Narcotics Control Bureau and the Delhi Police joined in from 45 locations across the country. The Prime Minister said India had emerged as the fastest growing economy and would soon be among the top three economies in the world during this decade and bring benefits to the common man.

“For any economy to grow, it is imperative that every sector develops. From the food sector to pharmaceuticals, from space to start-ups, when every sector grows the economy will move ahead,” he said. He said the tourism sector alone was expected to contribute Rs 20 lakh crore to the economy by 2030 and had the potential to create 13-14 crore new jobs.

Citing the example of the pharmaceutical industry, the PM said the sector worth Rs 4 lakh crore at present is expected to grow to Rs 10 lakh crore by 2030. “What does it mean? It means that in this decade the pharma industry will need a lot of youth. There will be opportunities for employment,” Modi said. He said the automobile and the auto component sector too was on the growth path and will require youth power to propel it. The food processing industry, which was worth approximately Rs 26 lakh crore last year, was bound to rise to Rs 35 lakh crore in the next three-and-a-half years.