Government will spend Rs 1 lakh crore in 4 years to revamp education, says Modi

The government will spend Rs 1 lakh crore to revamp education system in India in the next four years, Prime Minister Narendra Modi said on Friday.

Speaking at a media event here, he said the government was actively working towards setting up 20 world-class institutes of eminence. Towards this end, he said, his government was working in close coordination with private and public sector institutions connected with higher education.

He said India has been contributing seven times more to the world economy today. "India is performing well on all macro-economic parameters, be it inflation, current account deficit, fiscal deficit, GDP growth or FDI inflow. It is due to this reason that the rating agencies have been upgrading India continuously," the prime minister said.

Modi said economists were also optimistic of a growth better than 7.2% for India in the coming quarters. India grew at 7.2% in the October-December quarter this year, becoming the fastest growing major economy in the world, leaving China behind.

"The whole world is acknowledging India's rise. India is giving a new direction, not just to its own development, but also to the development of the whole world," he said.