PM Modi Outlines Vision for India's Development by 2047

Reforms necessary to make India developed nation by 2047: PM Modi

In his 98-minute speech, Modi stressed reforms at every level of the country's governance structures, from the centre to grassroots, and changes that encompass all sectors of Asia's third-largest economy. Modi said the country was on a path to all-round development on the back of modernisation of all sectors in the economy and by incorporating global best practices, along with improvements of people's quality of life. "We aim to advance in line with our country's unique conditions while adopting the best practices from around the world. Every sector requires modernization and innovation, with an emphasis on integrating technology," said the PM. If 1.4 billion citizens "set out with a resolution, determine a direction and march forward step by step, shoulder to shoulder", the country will achieve the goal of Viksit Bharat (developed nation) by 2047, Modi said. The World Bank currently categorises India as a lower-middle income economy, a classification for countries with a gross national income per capita of between $1,086 and $4,255. "I want to assure the citizens of the country that our commitment to reforms is not limited to the editorials of pink papers. Our commitment to reforms is not for a few days of applause. Our process of reforms is not driven by compulsion but by the intention to strengthen the nation." The prime minister exhorted states and multi-tier local governments, such as panchayats and municipalities, to initiate at least two reforms a year. "If each of you undertakes just two reforms per year at your level, reforms that directly benefit the common man, I am not asking for much, my friends. Whether it's a panchayat, a state government , or any department, simply implement two reforms a year and put them into practice." The government is pushing reforms in the manufacturing sector because it is crucial for generating jobs for India's burgeoning work force and to address unemployment, Modi said. India needs to create 7.85 million non-farm jobs every year until 2030 to absorb its growing workforce amid new challenges like artificial intelligence (AI), the government's Economic Survey 2023-24 has projected. The production-linked incentive scheme has been a great success, the prime minister said, adding FDI reforms have also given the country "significant strength." India, he said, was on the path to being a global manufacturing hub on the strength of its manufacturing sector. The prime minister also stressed the need to modernise the agriculture sector, which provides livelihood to nearly half the population and accounts for 18% of the country's GDP. "It has become very necessary to transform the agriculture sector," he said. The government has been helping farmers and working continuously to transform agriculture, the PM said, highlighting the farm economy as one of the pillars of the economy. "Farmers are being given drones and new technologies along with value addition to their produce. End-to-end marketing facilities have been arranged so that there is hand-holding at every stage." Modi also talked about soil degradation from the use of agricultural chemicals and his government's push for natural farming. "Organic food is a need. We can become the organic food basket of the world." Modi said a reformed banking sector had helped to formalize the economy and cater to the banking needs of the poor and middle class. The prime minister assured the government's commitment to "big reforms". Pointing to increased economic opportunities, Modi said, "Today, many big companies of the world want to invest in India. Most people who are seeking a meeting with me in my third term are investors. Investors from all over the world want to come and invest in India."

Independence Day Speech: PM Modi says world looking to invest in India as govt committed to big reforms

Prime Minister Narendra Modi reiterated his government's unwavering dedication to economic reforms on India's 78th Independence Day, emphasizing the transformational changes in banking, manufacturing, and skills development. He outlined a vision for a developed India by 2047, stressing that reforms are not driven by compulsion but by a commitment to national interest and growth. Modi highlighted achievements such as strengthened formal economy, improved credit access, and empowerment of citizens, underscoring the importance of good governance and modern infrastructure for progress. Prime Minister Narendra Modi reaffirmed his government's commitment to economic reforms aimed at boosting growth, stating the efforts arise from a deep conviction, not compulsion. On the 78th Independence Day, Modi highlighted reforms in various sectors, including banking and manufacturing, and stresed on the goal of transforming India into a developed nation by 2047. He said the world is now looking to invest in India. Addressing the nation from the Red Fort on Independence Day, Modi spoke of the transformation in the banking sector, which has facilitated easy credit access for entrepreneurs and businesses, as well as skill development initiatives that have shifted India from being a mobile phone importer to an exporter. He mentioned that these reforms, coupled with socio-political development policies, are pivotal to achieving a developed India by 2047. "Developed India by 2047 is not just a slogan. There is sheer hard work that is going behind it," he said. Modi committed to continuing the reform process, which has deregulated numerous sectors, eased credit facilities, and minimized governance interference, to meet the aspirations of the youth. "I want to assure that our commitment to reforms is not limited to getting good editorial in pink papers (economic newspapers). This commitment is not to garner praise in the short term," he said. Contrasting the current reforms with the crisis-driven 1991 economic reforms, Modi stressed, "Our reforms are not out of any compulsion. The reforms are to make India and its economy stronger. Reforms are our blueprint for growth. We are not doing anything because of political compulsions or due to any political arithmetics. Our commitment is Nation First with national interest being supreme." Highlighting achievements from the last decade, Modi noted that an overhauled banking sector has strengthened the formal economy and addressed the banking needs of the poor and middle class. He added that the availability of easy credit has aided everyone from small business owners to individuals pursuing education. "This has helped a wide range of people - from animal keepers to roadside vendors, to small and medium businesses and entrepreneurs," he said. Modi expressed that the end of the 'mai-baap' culture, wherein the government acted as a master over the citizens, has empowered the Indian populace. "Today the government itself goes to the beneficiaries, it reaches cooking gas connections to households, provides water, makes available electricity, and extends economic help," he said. He assured that the government remains committed to "big reforms" aimed at accelerating growth and progress, though he did not delve into specifics. He termed it a 'Golden Era' for the country, opening up new employment opportunities. Revisiting his previous Red Fort speeches, Modi mentioned the electrification of 18,000 villages and provision of electricity to more than two-and-a-half crores Indian homes, as well as the establishment of tap water connections for 12 crore families. He also acknowledged the opening up of the space sector, enabling startups to launch private satellites and rockets. "Today I can say that when the policy is right, intentions are correct and welfare of the nation is supreme, definite results can be achieved," he said. Underlining the importance of modern infrastructure for development, Modi pointed to extensive rail, road, port, and broadband connectivity initiatives that have spurred growth. The government remains committed to governance reforms, he said. Reflecting on his government's achievements, Modi said, "per capita income has doubled, India's share in global growth increased, the number of airports has risen, foreign exchange reserves have doubled, and confidence of global institutions in the country has increased." According to Modi, India's transformation from a mobile phone importer to an exporter has also led to the creation of a manufacturing ecosystem within the country. As 5G telephony expands, work on the next generation, 6G, is already underway. Modi emphasized the significance of semiconductors, modern technologies, and Artificial Intelligence for the future. "We have started working on the Indian Semiconductor mission," he said. He urged for the realization of the dream where every piece of equipment features a 'Made In India' chip. He affirmed, "We have the talent and the means to provide the world with end-to-end solutions." "Today, many big companies of the world want to invest in India," he said. "Most people who are seeking a meeting with me in my third term are investors. Investors from all over the world want to come and invest in India." This golden opportunity, he said, should motivate states to attract investors by ensuring good governance and law and order. He advised states to adapt their policies accordingly. "If land is required, states should create a land bank," he said. Highlighting future opportunities, Modi suggested that the country's well-regarded IT professionals can lead in the gaming and AI markets. He reiterated the government's commitment to achieving 500 GW of non-fossil fuel energy capacity by 2030 and establishing India as a hub for green hydrogen production, a move aimed at meeting climate goals and creating green jobs. The Prime Minister acknowledged the numerous suggestions from various quarters on achieving the goal of making India a developed nation by 2047. The proposals include developing India as a global skill capital, transforming it into a manufacturing hub, achieving economic self-reliance, and making Indian universities globally prominent. These cumulative efforts reflect the government's strategy to carve a path for India's growth and development, ensuring reformative momentum in sectors ranging from banking to technology and infrastructure, paving the way for a progressive and sustainable future. (With ANI inputs)