India on Path to Become World's Third-Largest Economy with Major Reforms: PM Modi
Prime Minister Narendra Modi, in his Independence Day address from the Red Fort, highlighted India's rapid economic progress, asserting that the nation is on course to becoming the world’s third-largest economy. Speaking to the nation on the 78th Independence Day, PM Modi emphasized the transformative reforms undertaken across various sectors, which he believes are pivotal to India's future growth.
PM Modi linked the journey toward a 'Viksit Bharat' (Developed India) by 2047, the centenary of India's independence, to the collective efforts of the country’s 140 crore citizens. Drawing parallels with the freedom struggle led by 40 crore Indians in 1947, he expressed confidence that today's population could realize the vision of a fully developed nation.
“We have received valuable feedback from millions of Indians on achieving the goal of a developed India by 2047, and becoming the third-largest economy is a key milestone in that journey. We are committed to implementing significant reforms that will serve as the blueprint for our future growth”, PM Modi said.
Highlighting the transformation in the banking sector under the BJP-led NDA government, PM Modi pointed out that banks, once burdened with high non-performing assets (NPAs) due to previous policies, have now become one of the strongest globally. “The banking sector has become the backbone of growth for our micro, small, and medium enterprises (MSMEs), with the cumulative net profit of all banks surpassing Rs 3 lakh crore for the first time in 2023-24”, he added.
The Prime Minister also celebrated the success of initiatives like ‘Vocal for Local’ and ‘One District One Product,’ which have boosted exports from smaller cities and towns. He reiterated India's leadership in renewable energy, setting an ambitious target of installing 500 GW of renewable energy capacity by 2030 and achieving energy self-reliance by 2047.
PM Modi also called for the development of more 'greenfield cities' like Gujarat’s International Finance Tec-City (GIFT City) to further drive economic growth.