New Delhi, Aug 15: As India strides towards its goal of becoming a 'Viksit Bharat' (Developed India) by 2047, Prime Minister Narendra Modi declared on Thursday that the nation is on track to become the world’s third-largest economy, buoyed by significant reforms across various sectors.
In his address from the ramparts of the Red Fort on the 78th Independence Day, PM Modi drew a parallel between the 40 crore Indians who fought for freedom in 1947 and the 140 crore citizens today who are poised to realise the vision of a developed nation by the centenary of Independence.
“If 40 crore Indians could secure our freedom in 1947, then over 140 crore of us can certainly achieve a ‘Viksit Bharat’ by 2047,” PM Modi asserted. He highlighted that feedback from millions of citizens had contributed to shaping this vision, with the aspiration of becoming the third-largest economy among the proposed reforms.
The Prime Minister emphasised the success of recent banking sector reforms implemented by the BJP-led NDA government, which have transformed the sector from its previous struggles with losses and high non-performing assets (NPAs) under the UPA's phone-banking policies. “Today, Indian banks stand as some of the strongest globally. They have become a crucial support for the growth of our micro, small, and medium enterprises (MSMEs),” PM Modi noted. The cumulative net profit of all banks surpassed Rs 3 lakh crore for the first time in the fiscal year 2023-24.
PM Modi also celebrated the success of initiatives such as ‘Vocal for Local’ and ‘One District One Product’, which aim to boost exports from smaller cities and towns. In the realm of renewable energy, he highlighted India’s achievements surpassing those of G20 nations and reiterated the government’s target to install 500 GW of renewable energy capacity by 2030, with the goal of becoming self-reliant in energy by 2047.
Additionally, PM Modi stressed the need for the development of more “greenfield cities” akin to Gujarat International Finance Tec-City (GIFT City), to support future growth and development.
The Prime Minister’s address reflected a commitment to ongoing reforms and innovation as India approaches its centenary of independence.
