From $5 tn to a developed nation: What PM Modi said about Indian economy in last 5 Independence Day speeches

Prime Minister Narendra Modi is set to address the nation on the 77th Independence Day on Tuesday. This will be his second term's last address to the nation from the ramparts of Red Fort. During his address, the Prime Minister is likely to talk about his government's achievements through several flagship schemes, India's economic growth, and structural reforms carried out since 2014. While PM Modi may give an account of what his government has achieved in the current term as this will be his last address before the next parliamentary election, here's what he said about the Indian economy during the last five speeches on Independence Day.    

I-Day speech 2018: PM Modi on India becoming sixth-largest economy
 
During the 2018 Independence Day speech, Prime Minister Modi said India had become the sixth largest economy, and Indians, living in any nook and corner of the world, were taking pride in the achievement. The PM said that in this era of the global economy, the entire world was looking at every development in India - big or small, with deep interest and hope, and expectations. He said there was a time when the Indian economy was considered risky by experts. "But now the same experts and the institutions have expressed confidence that our reform momentum has strengthened our economic fundamentals." He also said that there was a time when the world used to comment about red tape in India but now they talk about Red Carpet. "We have reached the 100th spot in the Ease of Doing Business ranking."

India ranked 63 in the World Bank's Ease of Doing Business Report published in 2019.

The Prime Minister further said that while engaging with India, the investors used to bemoan the lack of infrastructure, the blackouts due to power shortages, and the bottlenecks. He said the same set of experts who had earlier dubbed India as a 'sleeping elephant' were now saying that 'sleeping elephant' has woken up and started running. "Economists and international institutions are saying that India will provide momentum to the world economy for the next three decades and will spur the growth of the world."  

I-Day speech 2019: PM Modi sets $5-trillion economy target  

Prime Minister Modi, who returned to power for the second term in 2019, set the target of building India a $5-trillion economy. He said the target of a $5-trillion economy may appear difficult to some people but "we must always aim high and that is what we have done". The Prime Minister said India had reached a $2-trillion economy after 70 years of independence, but within five years from 2014 to 2019, it reached a $3-trillion economy, adding $1 trillion in just five years. "If we succeeded in taking such a big jump in just 5 years, then we can become a $5-trillion economy in the next five years. This must be a dream of every Indian," he said while addressing the nation from the ramparts of Red Fort.

PM Modi said the fundamentals of the economy were very strong and this gave him the confidence to move ahead. He also said that by developing a system like GST and bringing reforms like the Insolvency and Bankruptcy Code, his government wanted to develop an environment of confidence. "Whether it is a $5-trillion economy dream or the dream of a self-reliant India, we are following the principles of Mahatma Gandhi. So we have to take forward our 'Make in India' mission."

I-Day speech 2020: PM Modi pushes for 'AatmaNirbhar Bharat'

During his 74th Independence Day speech in Covid-hit 2020, Prime Minister Modi underlined the need for India to become self-reliant. He said the world is interconnected and interdependent. "So, it is the need of the hour that a vast country like India should increase its contribution to the world economy," he said, adding that it is also India's duty toward world welfare. "If India wants to increase its contribution then she herself will have to be empowered; she will have to be self-reliant or ‘AatmaNirbhar’."

The Prime Minister also said that India had received record foreign investment due to reforms carried out by his government. "The world is closely observing the reforms we are bringing one after another, one linked to another. As a result of this Foreign Direct Investment (FDI) in India has broken all its previous records last year. Last year, there has been an 18% increase in FDI in India. So, even during the coronavirus pandemic, top companies of the world are turning to India."

I-Day speech 2021: PM Modi focuses on blue economy, energy independence

During his Independence Day speech in 2021, Prime Minister Modi said India will further accelerate its efforts towards the Blue Economy. The Blue Economy refers to the sustainable use and conservation of marine and aquatic resources for economic growth. He said along with aquaculture, the country has to take full advantage of the new possibilities that are emerging in the cultivation of seaweed. He said the mineral wealth which is hidden in the sea, and the thermal energy which is in the seawater, can give new heights to the development of the country.

The Prime Minister also stressed the need to make India an energy-independent nation. He said India is not yet energy independent and it spends more than Rs 12 lakh crore annually for importing energy. For India's progress and to build a self-reliant India, he said, the country's energy independence is the need of the hour. "Therefore today, India has to make a resolution to make India energy independent before the completion of 100 years of independence and our roadmap is very clear for the same. It should be a gas-based economy. There should be a network of CNG & PNG across the country. There should be a target of 20 per cent ethanol blending."

PM Modi also said that India has also made a move towards electric mobility and the work on 100 per cent electrification of railways is also progressing at a fast pace. "Indian Railways has set a target of becoming a Net Zero Carbon Emitter by 2030. Besides these efforts, the country is also emphasising Mission Circular Economy."

I-Day speech 2022: PM calls for India to be a developed nation by 2047  

In his Independence Day speech last year, PM Modi said the people of the country must resolve to make India a developed nation in the next 25 years. He said the potential of the economic advancement of India is dependent on the strength of the grassroots. "Hence, we must acknowledge and strengthen the potential of our small farmers, entrepreneurs, small and medium-sized enterprises, cottage industries, micro industries, street vendors, domestic labourers, daily wagers, auto-rickshaw drivers, bus service providers etc." He said these groups form the largest population who need to be empowered. "Being able to do so shall guarantee India's potential and therefore our efforts are going in the direction of giving maximum emphasis to these strata which is the fundamental grass root force of our economic development."