New Delhi, Aug 24: India’s Prime Minister, Narendra Modi, has emphasized the importance of reform, perform, and transform in helping lift the world out of slow growth. He announced that India will soon become the world’s third-largest major economy and is on the way to becoming a developed nation by 2047. The next-generation GST reform process, which aims to simplify the law, will be completed before Diwali and bring down prices. PM Modi also called for private sector investment in research and development sectors like clean energy, quantum technology, battery storage, advanced materials, and biotechnology to strengthen the resolve of a developed India.
The Prime Minister said that India’s economic strength is evident in the global context, with experts predicting a 20% contribution to world growth. This growth and resilience are due to the macroeconomic stability achieved in the last decade, with the fiscal deficit expected to come down to 4.4%.
India’s fundamentals of the economy include strong companies raising record funds from capital markets, banks being stronger than ever before, low inflation, and interest rates. The current account deficit is under control, forex reserves are robust, and domestic investors are investing thousands of crores of rupees in the market through SIPs.
PM Modi emphasized the need for a self-reliant India and emphasized the importance of speed, scale, and scope for a self-reliant India. He referred to the phrase ‘Missing the Bus’ to illustrate how opportunities can pass by if not seized. India has developed its entire 5G stack domestically and is working on Made-in-India 6G technology.
