India’s Economic Momentum
PM Modi said India remains the fastest-growing major economy, with its share in global growth expected to touch nearly 20% soon. He noted that fiscal deficit is projected to decline to 4.4% despite the pandemic shock, while inflation and interest rates remain under control. India’s foreign exchange reserves are at historic highs and millions of small investors are steadily investing in capital markets through SIPs.
“When fundamentals are strong, their impact is visible everywhere,” he remarked, underlining that India’s economy now attracts record capital flows and enjoys enhanced global credibility. The Prime Minister also recalled that S&P Global Ratings upgraded India’s credit rating recently—the first such move in two decades.
PM Modi emphasized that his government’s reform journey is not driven by compulsion or crisis, but by conviction. In the recent monsoon session of Parliament, over 300 minor offences were decriminalized under Jan Vishwas 2.0. He also pointed to simplification of income tax laws, mining and shipping reforms, and a new Khelo Bharat sports policy aimed at strengthening India’s sports economy.
He announced that a major reform in the Goods and Services Tax (GST) framework is expected by Diwali this year, making compliance simpler and prices more affordable.
From Missed Opportunities to Global Leadership
Reflecting on India’s past, the Prime Minister said earlier governments repeatedly “missed the bus” in technology adoption, from internet to telecom to semiconductors. In contrast, his administration developed a fully indigenous 5G stack and is advancing work on 6G. India’s first domestically manufactured semiconductor chip is expected by the end of this year, he said.
Highlighting achievements in the renewable sector, he noted that India’s solar module manufacturing capacity has surged from 2.5 GW in 2014 to 100 GW today. The country also achieved its 2030 target of 50% non-fossil power capacity five years ahead of schedule.
India’s Expanding Global Footprint
The Prime Minister cited record exports across agriculture, automobiles, and electronics. Agricultural exports touched ₹4 lakh crore last year, while automobile exports more than doubled to ₹1.2 lakh crore. Electronics exports crossed ₹3.25 lakh crore, compared to ₹35,000 crore in 2014. India is now preparing to export electric vehicles to over 100 countries.
“A self-reliant India is also an exporting India,” he said, asserting that the nation’s manufacturing and research strengths are now globally competitive.
Space Reforms and Research Push
Marking National Space Day, PM Modi highlighted sweeping reforms in India’s space sector, including liberalized FDI, transparent spectrum allocation, and a ₹1,000 crore venture fund for startups. From just one space startup in 2014, India now boasts over 300, with multiple missions underway. He confirmed that India’s first indigenous space station is on the horizon and preparations for the Gaganyaan human spaceflight are progressing rapidly.
On research, the Prime Minister said R&D spending has more than doubled since 2014, while patents filed have risen 17 times. The government has set up research cells in 6,000 higher education institutions, launched the National Research Foundation with ₹50,000 crore, and approved a ₹1 lakh crore innovation scheme to support sunrise sectors like clean energy, biotechnology, and quantum technologies.
Vision 2047: Developed India
PM Modi concluded with a call to action for industry leaders to strengthen India’s research ecosystem and drive investments in strategic technologies. He reiterated that India’s path to becoming a developed nation by 2047 rests on speed, scale, and scope across all sectors. “We are not here for incremental change, but for quantum leaps,” he said.
He thanked the Economic Times for hosting the forum and expressed confidence that India’s reforms and resilience will help reshape global growth. “India has the capability to bend the arc of time,” the Prime Minister asserted.