PM Modi at Independence Day: 'I guarantee that India will be one of world's top 3 economies in next 5 years'

Addressing the nation on the 77th Independence Day of India at Red Fort on Tuesday, PM Narendra Modi said India will rise to the ranks of the top three global economies within the next five years on the back of its potential in different fields. 

He noted that when the NDA government came to power in 2014, India was the world's 10th largest economy in 2014, but after 9 years it stands at the fifth spot due to the collective efforts of 140 crore Indians. 

“We built a strong economy, stopped leakages. I am giving an account of 10 years from Red Fort. It is 'Modi's guarantee' that India will become the third largest global economy in the next five years,” PM Modi said on Tuesday. 

PM Modi further added that India's technological prowess is propelling the nation into a new era of global influence. "I am confident that in 2047 when India marks 100 years of its independence, it will be a developed nation. I say this on the basis of the capability of my country and available resources…," Modi said on Tuesday.

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Lauding the government’s measures to rein in inflation, Modi said that the ministers and the administration would further work to tackle the price rise.  

"The world is yet to fully recover from the impact of Covid pandemic. The war has created yet another problem. The world is grappling with the problem of inflation. Inflation has gripped the global economy," Modi said. 

He added: "Inflation has gripped the entire global economy...It's unfortunate that when we import essential goods, we also import inflation. However, India has made extensive efforts to curb inflation...We cannot be complacent simply because our situation is comparatively better than the global scenario. I am committed to taking further measures to alleviate the burden of inflation on our citizens. We will take those steps, and my endeavours will persist..." 

PM Modi’s assurance to tackle inflation comes close on the heels of the Reserve Bank of India raising its inflation forecast to 5.4 per cent for FY24. 

On Tuesday, India’s retail inflation jumped to a 15-month high of 7.44 per cent in July as prices of vegetables and other food items spiked. The Consumer Price Index (CPI) based inflation was at 4.87 in June and 6.71 per cent in July 2022. 

Previously, high inflation was recorded at 7.79 per cent in April 2022. 

Besides inflation, Modi also touched upon government’s efforts and reforms. He said his government's every moment, every rupee is being utilised for the welfare of the citizens. “In five years, over 13.5 crore poor people came out of poverty to become part of neo-middle, middle classes,” he said.  

He added that the policies of the government are providing support to the youth of the country and their strength has helped India become the third largest startup ecosystem in the world. 

"I believe in youth power, youth power is my strength... Our policies are giving more power to youth strength... The youth of the world are getting amazed by seeing the strength of Indian youth," he said from the ramparts of the Red Fort. 

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Their strength has helped India become "the third largest startup ecosystem in the world," Modi added. 

As of April 30, 2023, the government has recognised as many as 98,119 entities as startups. These startups are eligible for availing incentives, including tax benefits under the Startup India scheme. 

Schemes like Fund of Funds for Startups, Startup India Seed Fund Scheme and Credit Guarantee Scheme support these entities at various stages of their business cycle. 

(With agency inputs)

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