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Prime Minister Narendra Modi, addressing a media event in New Delhi on August 23, 2025, articulated a vision of India as a key driver of global economic recovery. He emphasized the government's commitment to the mantra of 'Reform, Perform, Transform' as the guiding principle behind India's progress. Modi confidently stated that India is positioned to play a significant role in lifting the world out of its current phase of slow growth. He highlighted India's trajectory towards becoming the world's third-largest economy and its ambition to achieve developed nation status by 2047. The Prime Minister underscored that reforms are not merely a response to compulsion or crises but a fundamental commitment and conviction of his government. He specifically mentioned the forthcoming next-generation GST reform process, designed to simplify the law and reduce prices, with completion targeted before Diwali. This reform, he asserted, is a testament to the government's dedication to creating a more business-friendly environment. Furthermore, Modi urged the private sector to significantly increase its investment in research and development across crucial sectors like clean energy, quantum technology, battery storage, advanced materials, and biotechnology. This investment, he argued, is essential to strengthening the resolve of a developed India and fostering innovation-led growth. Modi reiterated his unwavering commitment to continuous improvement, stating that he is never satisfied with past achievements and that this mindset drives the government's reform agenda. He unveiled plans for a comprehensive new set of reforms, designed to boost manufacturing, increase market demand, provide a new impetus to industry, generate employment opportunities, and improve both the Ease of Living and Ease of Doing Business in India. The Prime Minister proudly noted that the government persevered in carrying out reforms during the recently concluded monsoon session of Parliament, despite disruptions caused by Opposition parties. This demonstrated resolve, he argued, showcases the government's unwavering focus on driving progress despite challenges. In a global context, Modi emphasized the growing strength of the Indian economy, highlighting its position as the world's fastest-growing major economy. He predicted that India will soon become the world's third-largest economy and that its contribution to global growth is expected to reach around 20 per cent in the near future. This remarkable growth and resilience, he explained, are attributable to the macroeconomic stability achieved by India over the past decade. He pointed to the expected reduction of the fiscal deficit to 4.4% as evidence of sound fiscal management. Regarding the fundamental strengths of the Indian economy, Modi highlighted that Indian companies are raising record funds from capital markets, banks are stronger than ever before, inflation is low, and interest rates are also relatively low. He also noted that the current account deficit is under control, forex reserves are robust, and large numbers of domestic investors are actively participating in the market through Systematic Investment Plans (SIPs). Modi stressed that these strong economic fundamentals provide a solid foundation for future growth and have a positive ripple effect across all sectors of the economy. He reiterated India's determination to achieve its goal of becoming a developed nation by 2047, emphasizing that a self-reliant India is the cornerstone of this vision. He identified three key parameters for achieving self-reliance: speed, scale, and scope. Speed refers to the rapid pace of development, scale refers to the magnitude of projects and initiatives, and scope refers to the breadth of sectors being targeted for growth and innovation. Reflecting on past missed opportunities, Modi used the phrase 'Missing the Bus' to illustrate how previous governments had failed to capitalize on opportunities in fields like technology and industry. He contrasted this with the current government's approach, which is characterized by a proactive determination to seize opportunities and lead the way. Modi highlighted the development of India's entire 5G stack domestically as a prime example of this proactive approach. He also mentioned the ongoing efforts to develop Made-in-India 6G technology. Furthermore, Modi showcased the growth in India's automobile exports, noting that they have increased from approximately ₹50,000 crore annually until 2014 to ₹1.2 lakh crore per year currently. He also proudly announced that India has begun exporting metro coaches, rail coaches, and rail locomotives. Looking ahead, Modi shared that India is poised to achieve another significant milestone by exporting electric vehicles to 100 countries, with a major event planned for August 26 to commemorate this achievement. In conclusion, Prime Minister Modi presented a compelling narrative of India's economic progress and its potential to drive global growth. He emphasized the government's commitment to reforms, the strength of the Indian economy, and the country's ambition to become a developed nation by 2047. He also underscored the importance of self-reliance and the need to seize opportunities in emerging technologies and industries.
The Prime Minister's address served as a comprehensive overview of India's economic landscape, outlining the key strategies and initiatives driving its growth. His emphasis on 'Reform, Perform, Transform' as the core principle guiding the government's actions underscores a commitment to continuous improvement and innovation. The specific mention of the next-generation GST reform highlights the government's willingness to address existing challenges and create a more efficient and transparent tax system. This reform is expected to have a positive impact on businesses and consumers alike, contributing to increased economic activity and reduced inflation. The call for increased private sector investment in research and development is particularly significant. By encouraging companies to invest in cutting-edge technologies like clean energy, quantum technology, and biotechnology, the government aims to foster a culture of innovation and create new opportunities for growth and employment. This investment is also crucial for enhancing India's competitiveness in the global market and achieving its goal of becoming a developed nation. Modi's reference to past missed opportunities and the importance of seizing opportunities in emerging technologies is a clear signal of the government's intention to be proactive and forward-looking. The development of India's 5G stack domestically and the ongoing efforts to develop 6G technology demonstrate a commitment to technological self-reliance and innovation. The growth in India's automobile exports is another positive indicator of the country's manufacturing capabilities and its increasing competitiveness in the global market. The upcoming milestone of exporting electric vehicles to 100 countries further underscores India's commitment to sustainable development and its ability to leverage its technological expertise to address global challenges. The Prime Minister's confidence in India's economic prospects is supported by a number of factors, including the country's strong macroeconomic fundamentals, its growing domestic market, and its increasing integration into the global economy. However, it is important to acknowledge that challenges remain, including the need to address income inequality, improve infrastructure, and enhance the skills of the workforce. Overcoming these challenges will be crucial for ensuring that India's economic growth is inclusive and sustainable. The government's commitment to reforms, its focus on innovation, and its proactive approach to seizing opportunities provide a strong foundation for future success. However, continued vigilance and adaptability will be essential for navigating the complex global economic landscape and achieving India's ambitious goals. Furthermore, the Prime Minister's statements regarding the strength of the banking sector and the robustness of the capital markets should be viewed within the broader context of global financial stability. While Indian banks may be in a strong position, it is crucial to remain aware of potential risks and vulnerabilities in the global financial system. Similarly, while Indian companies are raising record funds from capital markets, it is important to ensure that these funds are used productively and that investments are aligned with long-term economic goals.
The articulation of India's economic vision by Prime Minister Modi provides a valuable framework for understanding the country's priorities and its role in the global economy. The emphasis on self-reliance, innovation, and sustainable development is particularly noteworthy. The government's commitment to reforms and its proactive approach to seizing opportunities suggest a willingness to adapt to changing circumstances and address emerging challenges. However, it is crucial to recognize that achieving India's ambitious goals will require sustained effort and a collaborative approach involving government, the private sector, and civil society. The success of the next-generation GST reform will depend on its effective implementation and its ability to address the concerns of all stakeholders. Similarly, the growth of the electric vehicle industry will require continued investment in infrastructure, research and development, and skills training. The government's commitment to these initiatives is essential for ensuring that India's economic growth is inclusive and sustainable. The Prime Minister's call for increased private sector investment in research and development is particularly important. By fostering a culture of innovation and encouraging companies to invest in cutting-edge technologies, India can enhance its competitiveness in the global market and create new opportunities for growth and employment. This investment is also crucial for addressing some of the most pressing challenges facing the world, including climate change, poverty, and inequality. The government's role in facilitating this investment is critical. This includes providing incentives, creating a supportive regulatory environment, and fostering collaboration between industry, academia, and government research institutions. The long-term success of India's economic vision will depend on its ability to create a vibrant and dynamic innovation ecosystem. In addition to its economic goals, India also has a significant role to play in promoting global peace and stability. As the world's largest democracy and a major economic power, India can serve as a bridge between different cultures and perspectives. Its commitment to multilateralism and its active participation in international organizations demonstrate its willingness to work with other countries to address global challenges. The Prime Minister's vision of India as a key driver of global economic recovery is ambitious but achievable. By focusing on reforms, innovation, and sustainable development, India can unlock its full potential and contribute to a more prosperous and equitable world. However, continued effort, collaboration, and adaptability will be essential for navigating the complex global landscape and achieving its goals. The challenge for India now lies in translating this vision into concrete action and ensuring that the benefits of economic growth are shared by all its citizens. The next few years will be crucial in determining whether India can successfully transform itself into a developed nation and a global leader.
Source: India in position to help lift the world out of slow growth: PM Modi