“We must turn India into a developed country in the next 25 years, in our lifetime,” said the 71-year-old Modi, wearing a turban in the colours of the Indian flag, in his 75-minute-speech in Hindi
The World Bank currently categorises India as a lower-middle income economy – meant for countries with a gross national income per capita of between $1,086 and $4,255. High income countries, like the United States, have a per capita income of $13,205 or more
New Delhi:
India will aim to become a developed nation within 25 years, Prime Minister Narendra Modi said in a national day address on Monday, with policies to support domestic production in power, defence and digital technology.
India will aim to become a developed nation within 25 years, Prime Minister Narendra Modi said in a national day address on Monday, with policies to support domestic production in power, defence and digital technology.
Speaking from the 17th century Red Fort in Delhi as India celebrates its 75th year of independence from British colonial rule, Modi exhorted youth to “aim big” and give their best years for the cause of the country.
“We must turn India into a developed country in the next 25 years, in our lifetime,” said the 71-year-old Modi, wearing a turban in the colours of the Indian flag, in his 75-minute-speech in Hindi.
“It’s a big resolution, and we should work towards it with all our might.”
The World Bank currently categorises India as a lower-middle income economy – meant for countries with a gross national income per capita of between $1,086 and $4,255. High income countries, like the United States, have a per capita income of $13,205 or more.
A developed country is typically characterised by a relatively high level of economic growth, a general standard of living, and higher per capita income as well as performing well on the Human Development Index (HDI) that includes education, literacy and health.
India was classified as a ‘third-world’ country at the time of Independence from British rule in 1947. But over the past seven decades, its GDP has grown from just Rs 2.7 lakh crore to Rs 150 lakh crore.
The nation weathered many crises to be ranked among the biggest economies of the world and the fastest growing major economy on the planet.
In his address, the prime minister rooted for a self-sufficient nation not just in manufacturing all it needs but also in energy.
While the country is addressing energy security by increasing focus on renewable sources, biofuels and hydrogen, it is promoting domestic manufacturing through schemes such as PLI that provide Rs 1 lakh crore of incentives to local production units.
”Through the PLI schemes, we are becoming the manufacturing powerhouse of the world. People are coming to India to Make-in-India,” he said.
India imports 85 per cent of its oil needs and half of its natural gas requirements. These imports are being sought to be cut by mixing ethanol extracted from sugarcane and other agri commodities as well as producing hydrogen, he said.
”There are multiple employment opportunities opened with the creation of Green Jobs,” he said referring to job creation by the clean energy sector.
Also, rapid technological advancement has helped in digital India.
The Digital India Movement with the production of semiconductors, 5G networks, and optical fibre networks show has shown great results in education, healthcare and changes in common man’s lives, he said. ”India’s techade is here! With 5G, semiconductor manufacturing and OFCs in villages, we are bringing a revolution through Digital India to the grassroots level.” The success of Digital India and startups is clearly visible in Tier-2 and Tier-3 cities, he said, adding the country has made rapid progress in electronic goods and mobile phone manufacturing.
He said in the last eight years, direct transfer of subsidy and other benefits to the actual users through Aadhaar and mobile has checked pilferage of Rs 2 lakh crore.
”India’s industrial growth will come from the grassroots. Our MSMEs, street vendors, and those working in the unorganized sectors need to be strengthened,” he said.
From the space sector to drone manufacturing to natural farming, India is progressing rapidly in every sector, he said adding even children are now saying no to imported toys.
The Prime Minister said natural farming will give new strength to India.
From renewable energy to increasing infrastructure for medical education, India has improved on every front. ”From space sector to drone manufacturing to natural farming, India is progressing rapidly in every sector,” he said.
India is the world’s sixth-largest economy and is expected to grow at over 7% in the current fiscal year ending in March 2023 – the fastest among major economies. Many experts say India’s economy could expand to become the world’s third-largest by 2050 after the United States and China, although per capita income, currently around $2,100, may remain low compared to many countries.
With about 1.4 billion people, India is expected to surpass China as the world’s most populous country next year.
Countries like the United States already see India as a future challenger to China’s dominating influence in Asia and beyond. U.S. President Joe Biden on Sunday congratulated India for its national day and said the United States and India were “indispensable partners” that would continue to work together to address global challenges in the years ahead.
Agencies