Indias third largest economy

India on Path to Third-Largest Economy: PM Modi

Introduction: A Vision for a Developed India by 2047
In his address to the nation on the 78th Independence  Day, Prime Minister Narendra Modi outlined a bold vision for India’s future. Speaking from the ramparts of the Red Fortv, PM Modi emphasized that India is on its way to becoming the world’s third-largest economy, driven by significant reforms across various sectors. He highlighted the collective efforts of 140 crore Indians working towards the goal of a ‘Viksit Bharat’ (Developed India) by 2047, coinciding with the 100th anniversary of India’s independence.

Reforms in the Banking Sector: A Decade of Transformation
One of the key areas of reform that PM Modi discussed was the transformation of the banking sector under the BJP-led NDA government over the past decade. He pointed out that the sector, once plagued by high Non-Performing Assets (NPAs) and losses due to the “phone-banking” policies of the previous UPA government, has been revitalized. Through comprehensive reforms, Indian banks have emerged as some of the strongest globally. “Today, Indian banks are one of the strongest globally. For the growth of our micro, small, and medium enterprises (MSMEs), banks have become a backbone,” PM Modi stated.

The impact of these reforms is evident in the banking sector’s performance. For the first time, the cumulative net profit of all banks in India crossed Rs 3 lakh crore in the financial year 2023-24. This financial strength is not just a testament to the success of the reforms but also a critical foundation for the growth of India’s MSMEs, which play a pivotal role in the country’s economy.

Empowering Local Businesses: The Success of ‘Vocal for Local’
PM Modi also highlighted the success of initiatives like ‘Vocal for Local’ and ‘One District One Product,’ which aim to promote local businesses and increase exports from small cities and towns. These initiatives have gained momentum across the country, leading to a surge in the production and export of local goods. “We are now aiming to increase exports from small cities and towns,” PM Modi added. The push for local manufacturing and export not only strengthens the domestic economy but also positions India as a significant player in the global market.

Renewable Energy: Leading the Way in Sustainability
In the realm of renewable energy, PM Modi underscored India’s achievements, stating that the country has outperformed even the G20 nations in its efforts to harness renewable energy. India has set an ambitious target to install 500 GW of renewable energy capacity by 2030, aiming to achieve energy self-reliance by 2047. “In the field of renewable energy, we have done more than what G20 nations have achieved. We aim to become self-reliant in energy,” the Prime Minister affirmed.

This commitment to renewable energy is not only about reducing dependence on fossil fuels but also about positioning India as a leader in the global shift towards sustainable energy sources. The government’s focus on renewable energy aligns with its broader goal of building a green and sustainable economy for future generations.

Fintech Revolution: India’s Global Leadership in Digital Payments
Another significant area where India has made substantial progress is in the fintech sector, particularly with the widespread adoption of the Unified Payments Interface (UPI). PM Modi highlighted that UPI, a flagship initiative of India’s fintech revolution, is now being adopted globally. “Fintech initiatives like UPI are now being adopted globally,” PM Modi noted. The success of UPI is a testament to India’s innovation in the digital payment space and its potential to lead the world in fintech solutions.

The Need for Greenfield Cities: Building the Future
Looking ahead, PM Modi stressed the importance of developing more “greenfield cities” like Gujarat International Finance Tec-City (GIFT City). These cities represent the future of urban development in India, designed to be smart, sustainable, and hubs of economic activity. “The country also needs more ‘greenfield cities’ like GIFT City,” PM Modi mentioned. The creation of such cities will be integral to India’s growth story, providing the infrastructure and environment needed for businesses and innovation to thrive.

Conclusion: A Blueprint for India’s Future Growth
PM Modi’s Independence Day address laid out a clear and ambitious blueprint for India’s future. The combination of reforms in the banking sector, the empowerment of local businesses, leadership in renewable energy, advancements in fintech, and the development of greenfield cities all point to a nation on the rise. As India moves towards becoming the world’s third-largest economy, the collective effort of its people will be crucial in achieving the vision of a ‘Viksit Bharat’ by 2047.

Disclaimer: This article is for informational purposes and reflects the content of PM Modi’s Independence Day speech. The information provided is based on current government policies and may be subject to change.

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