New Delhi: As 1.4 billion Indians work collectively towards achieving a ‘Developed India’ by 2047, the country is on track to become the third-largest economy, with significant reforms across various sectors, Prime Minister Narendra Modi said on Thursday.
Speaking from the Red Fort on the 78th Independence Day, Modi highlighted that if 400 million Indians could secure independence in 1947, over 1.4 billion citizens can help transform the country into a ‘Developed India’ by 2047, marking 100 years of Independence. He noted that millions of citizens have contributed ideas on how to achieve this goal, with becoming the third-largest economy being a prominent suggestion. The Prime Minister stressed the government’s commitment to continue implementing major reforms that will drive future growth.
Modi also discussed the banking reforms under the BJP-led NDA government over the past decade, which revived a sector previously burdened with losses and high NPAs due to the UPA’s phone-banking policies. “Today, Indian banks are among the strongest globally. Banks have become the backbone for the growth of our micro, small, and medium enterprises (MSMEs),” he said.
For the first time, the cumulative net profit of all banks surpassed ₹3 lakh crore in 2023-24. The Prime Minister also noted the success of initiatives like ‘Vocal for Local’ and ‘One District One Product,’ which have boosted exports from smaller cities and towns.
“In renewable energy, we have outpaced the achievements of G20 nations and are working towards energy self-reliance. Fintech innovations like UPI are now gaining global traction,” he told the audience.
The government aims to install 500 GW of renewable energy capacity by 2030, ensuring energy self-sufficiency by 2047. Modi also emphasized the need for more “greenfield cities” like Gujarat International Finance Tec-City (GIFT City).
