80th Independence Day: PM Modi Sets 50 Fortune 500 Firms Goal, Pharma Top-Five Target

Prime Minister Narendra Modi on Saturday set ambitious global targets for Indian businesses, urging companies to expand their international presence and compete among the world’s leading firms.

Addressing the nation from the Red Fort on the 80th Independence Day, PM Modi said India’s economic progress should be matched by the emergence of globally competitive companies. He called for Indian pharmaceutical firms to enter the ranks of the world’s five largest pharmaceutical companies and set a target of having 50 Indian companies feature on the Fortune 500 list.

The Prime Minister highlighted India’s transformation from the ‘pharmacy of the world’ towards becoming a hub for pharmaceutical innovation. He further said the sector was moving up the value chain through greater focus on research and development, biologics, biosimilars and advanced therapies.

PM Modi has further highlighted the growing role of domestic manufacturing and reduced import dependence in strengthening India’s healthcare and medical technology capabilities.

Government support and rising investment, he said, were helping the country emerge as a trusted global med-tech partner focused on affordable and accessible healthcare.

India now manufactures more than 50 high-end medical devices under the PLI scheme, while foreign investment continues to boost confidence in the sector.

The country’s med-tech market, valued at $15-16 billion, is growing at nearly 12 per cent annually. is the fourth-largest medical technology market in Asia and ranks among the top 20 globally.

A recent report projects India’s medical device market could reach $250 billion by 2047.

PM Modi’s vision focuses on stronger manufacturing, innovation and globally competitive Indian companies.

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