Prime Minister Narendra Modi outlined India’s ambitious vision for the future during his 78th Independence Day address from the Red Fort on Thursday, emphasizing the country’s goal to emerge as the third-largest economy by 2047.
Speaking to the nation, PM Modi underscored the collective effort of 140 crore Indians towards achieving a ‘Viksit Bharat’ by the centenary of independence. He drew a parallel to the 40 crore citizens who secured freedom in 1947, asserting that the current population’s combined efforts can similarly propel India to new heights.
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“We have received valuable feedback from millions of Indians on how to transform our country into a developed nation by 2047,” PM Modi said. “Becoming the third-largest economy is one of the key aspirations we are working towards, supported by significant reforms that lay the foundation for our future growth.”
The Prime Minister highlighted recent reforms in the banking sector, which, under the BJP-led NDA government, have revitalized an industry previously plagued by losses and high non-performing assets (NPAs) due to past policies. “Today, Indian banks are among the strongest globally,” he noted, adding that the banking sector has become a crucial support for micro, small, and medium enterprises (MSMEs). In 2023-24, the cumulative net profit of Indian banks surpassed Rs 3 lakh crore for the first time.
PM Modi also praised the success of initiatives like ‘Vocal for Local’ and ‘One District One Product,’ which have driven exports from smaller cities and towns. He highlighted India’s achievements in renewable energy, noting that the country has surpassed the progress of G20 nations in this sector. The government’s goal is to achieve 500 gigawatts of renewable energy capacity by 2030 and become energy self-reliant by 2047.
In addition to advancements in energy and banking, PM Modi called for the development of more “greenfield cities,” citing Gujarat International Finance Tec-City (GIFT City) as a model for future growth. The Prime Minister’s address reflected a commitment to continued reform and innovation as India strides towards its centennial celebration of independence.
