India's automobile, pharma, tourism sectors expected to grow at rapid pace: PM Modi

Prime Minister Narendra Modi on Monday said the Indian economy was on the path of rapid growth which had led to creating big opportunities for employment of the youth. Addressing a Rozgar Mela where he distributed over 51,000 appointment letters to the youth, mostly in the security forces, the prime minister said automobile, pharma, tourism and food processing sectors were expected to grow at a rapid pace and open up employment opportunities for the youth.

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.

The prime minister said India was set to emerge among the top three economies in the world in this decade and bring benefits to the common man.

"Every sector has to develop. From food to pharmaceuticals, from space to startups. When every sector will progress the economy will grow," he said.

Citing the example of the pharmaceutical industry, the prime minister said the sector worth Rs four 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 sector too was on the growth path and will require youth power to propel it.

"There will be immense employment opportunities," the prime minister said.

Citing the example of Uttar Pradesh, he said good governance in the state has led to establishment of the rule of law, which has in turn brought in a lot of investments.

"In an atmosphere of security, the establishment of the rule of the law speeds up development, instills confidence in the people and brings in investments," he said.

However, the states with rising crime rates witnesses fewer investments and shrinking of employment opportunities, Modi said.