He said the world is now looking to invest in India.
Addressing the nation from the Red Fort on Independence Day, Modi spoke of the transformation in the banking sector, which has facilitated easy credit access for entrepreneurs and businesses, as well as skill development initiatives that have shifted India from being a mobile phone importer to an exporter. He mentioned that these reforms, coupled with socio-political development policies, are pivotal to achieving a developed India by 2047.
“Developed India by 2047 is not just a slogan. There is sheer hard work that is going behind it,” he said.
Modi committed to continuing the reform process, which has deregulated numerous sectors, eased credit facilities, and minimized governance interference, to meet the aspirations of the youth.
“I want to assure that our commitment to reforms is not limited to getting good editorial in pink papers (economic newspapers). This commitment is not to garner praise in the short term,” he said.Contrasting the current reforms with the crisis-driven 1991 economic reforms, Modi stressed, “Our reforms are not out of any compulsion. The reforms are to make India and its economy stronger. Reforms are our blueprint for growth. We are not doing anything because of political compulsions or due to any political arithmetics. Our commitment is Nation First with national interest being supreme.”Highlighting achievements from the last decade, Modi noted that an overhauled banking sector has strengthened the formal economy and addressed the banking needs of the poor and middle class. He added that the availability of easy credit has aided everyone from small business owners to individuals pursuing education.
“This has helped a wide range of people – from animal keepers to roadside vendors, to small and medium businesses and entrepreneurs,” he said.
Modi expressed that the end of the ‘mai-baap’ culture, wherein the government acted as a master over the citizens, has empowered the Indian populace.
“Today the government itself goes to the beneficiaries, it reaches cooking gas connections to households, provides water, makes available electricity, and extends economic help,” he said.
He assured that the government remains committed to “big reforms” aimed at accelerating growth and progress, though he did not delve into specifics. He termed it a ‘Golden Era’ for the country, opening up new employment opportunities.
Revisiting his previous Red Fort speeches, Modi mentioned the electrification of 18,000 villages and provision of electricity to more than two-and-a-half crores Indian homes, as well as the establishment of tap water connections for 12 crore families. He also acknowledged the opening up of the space sector, enabling startups to launch private satellites and rockets.
“Today I can say that when the policy is right, intentions are correct and welfare of the nation is supreme, definite results can be achieved,” he said.
Underlining the importance of modern infrastructure for development, Modi pointed to extensive rail, road, port, and broadband connectivity initiatives that have spurred growth. The government remains committed to governance reforms, he said.
Reflecting on his government’s achievements, Modi said, “per capita income has doubled, India’s share in global growth increased, the number of airports has risen, foreign exchange reserves have doubled, and confidence of global institutions in the country has increased.”
According to Modi, India’s transformation from a mobile phone importer to an exporter has also led to the creation of a manufacturing ecosystem within the country. As 5G telephony expands, work on the next generation, 6G, is already underway. Modi emphasized the significance of semiconductors, modern technologies, and Artificial Intelligence for the future.
“We have started working on the Indian Semiconductor mission,” he said.
He urged for the realization of the dream where every piece of equipment features a ‘Made In India’ chip. He affirmed, “We have the talent and the means to provide the world with end-to-end solutions.”
“Today, many big companies of the world want to invest in India,” he said. “Most people who are seeking a meeting with me in my third term are investors. Investors from all over the world want to come and invest in India.”
This golden opportunity, he said, should motivate states to attract investors by ensuring good governance and law and order. He advised states to adapt their policies accordingly.
“If land is required, states should create a land bank,” he said.
Highlighting future opportunities, Modi suggested that the country’s well-regarded IT professionals can lead in the gaming and AI markets. He reiterated the government’s commitment to achieving 500 GW of non-fossil fuel energy capacity by 2030 and establishing India as a hub for green hydrogen production, a move aimed at meeting climate goals and creating green jobs.
The Prime Minister acknowledged the numerous suggestions from various quarters on achieving the goal of making India a developed nation by 2047. The proposals include developing India as a global skill capital, transforming it into a manufacturing hub, achieving economic self-reliance, and making Indian universities globally prominent.
These cumulative efforts reflect the government’s strategy to carve a path for India’s growth and development, ensuring reformative momentum in sectors ranging from banking to technology and infrastructure, paving the way for a progressive and sustainable future.
(With ANI inputs)
Content Source: economictimes.indiatimes.com