"The biggest strength of 'Make in India' is human capital. Skill development is very essential for the success of 'Make in India' initiative," said Modi.
Modi also laid stress on the importance of innovation and technology for the progress and development of the nation.
"Institutions of higher education should give primacy to innovation in learning," he said.
President Pranab Mukherjee was also present at the launch of IMPRINT India. Modi released the IMPRINT India brochure at the Visitors' Conference at Rashtrapati Bhavan.
IMPRINT India is a Pan-IIT and IISc joint initiative to develop a roadmap for research to solve major engineering and technology challenges in ten technology domains relevant to India.
"Science is universal but technology must be local. To achieve one's dreams, innovation is the key. The society is becoming technology driven. It is very important to understand the importance of this and look towards affordable technology," said Modi.
"Finding solutions to challenges like global warming and converting waste to wealth, were key to rise of India," he added.
He exhorted institutions of higher learning to focus on areas such as defence manufacturing also calling for enhanced industry-academia partnerships.