India Poised to Drive Global Economic Revival: PM Modi

Prime Minister Narendra Modi declared that India, guided by the mantra of "Reform, Perform, Transform," is ready to lead the world out of economic stagnation. Speaking at the Economic Times World Leaders Forum, Modi outlined India’s ambitious trajectory to become the world’s third-largest economy and a developed nation by 2047, emphasizing transformative reforms and robust economic fundamentals.

Modi highlighted India’s status as the fastest-growing major economy, with experts projecting it will contribute nearly 20% to global growth in the near future. This resilience stems from a decade of macroeconomic stability, with the fiscal deficit expected to drop to 4.4%, low inflation, and stable interest rates. Indian companies are raising record funds from capital markets, banks are stronger, and lakhs of domestic investors are pouring thousands of crores into markets monthly through Systematic Investment Plans (SIPs).

“For us, reforms are a matter of conviction, not compulsion,” Modi said, announcing a major overhaul of the Goods and Services Tax (GST) system to be completed before Diwali. This next-generation reform aims to simplify compliance and reduce prices, boosting market demand. The government is also streamlining regulations, digitizing approvals, and decriminalizing over 300 minor offenses to enhance Ease of Living and Ease of Doing Business.

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Modi urged the private sector to ramp up investment in research and development in emerging fields like clean energy, quantum technology, and biotechnology to support India’s vision of a developed nation. He noted that R&D expenditure has doubled since 2014, with patents filed increasing 17-fold, supported by initiatives like the National Research Foundation and a Rs 1 lakh crore innovation scheme.

The Prime Minister emphasized self-reliance as the cornerstone of a developed India, focusing on speed, scale, and scope. Reflecting on past missed opportunities, Modi said that since 2014, India has shifted from “missing the bus” to “taking the driver’s seat.” A key example is India’s domestically developed 5G stack, with work now advancing on 6G technology.

India’s export sector has also seen remarkable growth. Automobile exports have surged from Rs 50,000 crore in 2014 to Rs 1.2 lakh crore annually, with metro coaches, rail coaches, and locomotives now being exported. A landmark achievement is on the horizon, with India set to export electric vehicles to 100 countries, celebrated at an event on August 26.

Despite challenges like global tariff tensions, Modi underscored India’s strong fundamentals, including robust forex reserves and controlled current account deficits. He cited unprecedented job creation, with 22 lakh formal jobs added in June 2025 alone, the highest for any single month. The government’s focus on infrastructure, such as a Rs 1,000 crore venture capital fund for space startups, signals a “quantum leap” in sectors like space and renewable energy, where solar PV module capacity has grown from 2.5 GW in 2014 to 100 GW.

Modi’s vision of a self-reliant, developed India by 2047 hinges on continuous reforms, from simplifying income tax laws to modernizing colonial-era shipping regulations. As India prepares to host global events and builds a sports economy through the Khelo Bharat Niti, the nation is positioning itself as a global leader, ready to steer the world toward economic prosperity.

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