India to Become World’s Third-Largest Economy Soon: PM Modi

• PM Modi stated India is set to become the world’s third-largest economy soon.
• He said reforms are driven by conviction, not compulsion.
• He announced that GST reform will be completed by Diwali.
• The Prime Minister said India’s space missions have increased to over sixty.
• PM Modi affirmed that a developed India is built on a self-reliant India.

GG News Bureau
New Delhi, 23rd Aug: Prime Minister Narendra Modi addressed the Economic Times World Leaders Forum. He stated that India is the world’s fastest-growing major economy. Soon, it will become the third-largest globally.

PM Modi highlighted India’s resilience and strength. He called the country a “beacon of hope” for the world. He cited expert assessments, stating India’s contribution to global growth could reach nearly 20 percent.

The New Era of Reforms
The Prime Minister emphasized that reforms are a matter of commitment and conviction. For his government, they are not a compulsion or crisis-driven. “It is not in my nature to be satisfied with what has already been achieved,” he said.

He announced that a major reform is underway in GST. This will be completed by Diwali. The goal is to simplify the system and bring down prices. He also noted that over 300 minor offenses have been decriminalized under the Jan Vishwas 2.0 initiative.

Technology and Space Milestones
PM Modi spoke about India’s shift in its approach to technology. Before 2014, India missed many opportunities. Now, it has resolved to “take the driving seat.”

India has developed its entire 5G stack domestically. It is now rapidly working on Made-in-India 6G technology. He also announced that the first Made-in-India chip will be available this year.

In the space sector, reforms have opened the industry to private players. The number of missions has increased from 42 in 35 years to over sixty in the last eleven years. This year, India has achieved space docking capability. A new ₹1,000 crore Venture Capital Fund has been dedicated to space startups.

A Self-Reliant India
PM Modi emphasized that a Viksit Bharat (Developed India) rests on the foundation of an Aatmanirbhar Bharat (Self-Reliant India). He highlighted India’s speed, scale, and scope during the pandemic. India produced essential goods domestically and administered over 220 crore Made-in-India vaccines.

He also noted that India has already achieved its goal of generating 50 percent of its power capacity from non-fossil fuels. This was done five years ahead of the 2030 target.

PM Modi concluded by saying that India, guided by the mantra of “Reform, Perform, Transform,” is in a position to help lift the world out of slow growth.