Underscoring the role of the telecom sector in the progress of the country, he also said that by the end of this decade, the country will be able to launch 6G services of its own.
Addressing the silver jubilee celebrations of the Telecom Regulatory Authority of India (TRAI), Modi said: "It is estimated that in the coming time, 5G will contribute USD 450 bn to the Indian economy. This will not only accelerate internet speed but also boost development and employment."
"By the end of this decade, we will be able to launch 6G services, our task force is working on it. Our efforts will help our startups to become global champions in the telecom sector and 5G technology," he said.
He launched a 5G Test Bed, developed by a multi-institutes collaborative project that included a eight institutes led by IIT Madras.
"5G Test Bed is an important step towards the country's self-reliance on critical and modern technology in the telecom sector. The 5G technology is also going to bring positive changes in the governance of the country, ease of living and ease of doing business," the Prime Minister said.
This facility will boost growth in every sector - agriculture, health, education, infrastructure and logistics, creating vast employment opportunities, the Prime Minister noted.
Referring to the situation prior to 2014, he said that the growth was slow and in last eight years, the investment has gone up one and half time more than what it used to be in 2014.
With the new initiatives taken by the government, the Prime Minister also said that the call and data rates in India are cheaper than other countries.
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