India will be a developed economy by 2047: PM Modi in I-Day speech

Prime Minister Narendra Modi hailed the contribution of the youth in India’s development story during his Independence Day address on Tuesday, as he pledged to make the dream of the country achieving developed economy status a reality by 2047.

Highlighting the remarkable achievement of Indian youth in catapulting the nation into the top three startup economies, Modi emphasized on India’s technological prowess. “Today the world is technology driven and the coming era is going to be influenced by technology. This gives a platform to showcase the prowess of India’s talent in technology,” Modi said in his speech from the ramparts of the Red Fort in the national capital.

“I want to tell the youth that today there is no dearth of opportunities; this country is capable of creating more opportunities. The sky’s the limit,” he added. 

Reflecting on his participation in the G-20 Summit held in Bali in 2022, the prime minister recounted how leaders of the world’s most affluent and developed nations expressed great curiosity and eagerness to comprehend the success of India’s Digital India initiative.

“They were in awe of our talent when I shared that this wonder that India has achieved was not limited to the efforts made by the youth of Delhi, Mumbai, and Chennai but also by the youth of my tier-II, tier-III cities,” he said.

“We have put forth the concept of “One World, One Family, One Future” for the G20 Summit and are working in that direction. As the world grapples with climate crises, we have shown the way and launched the LifeStyle for Environment – Mission LiFE initiative,” he added.

Hailing India’s advancements in the renewable energy sector, Modi noted the nation’s progress in various areas, including the development of green hydrogen. He informed that India had already surpassed its targeted goals for renewable energy set for 2030, achieving them as early as 2021-22. 

“We had talked about 20% blending in ethanol, that as well we have completed five years ahead of time. The same was true about exports of $500 billion, which was accomplished ahead of time and was increased to more than $500 billion,” he said. 

Modi detailed India’s modernization of its infrastructure, including its railway system, the construction of concrete roads in every village, the establishment of electric buses and metro rail networks, and the expansion of internet connectivity to the villages. 

“We rolled out 5G. My country is the fastest in the world to roll out 5G. We have reached more than 700 districts. And now we are already preparing for 6G also,” he added. 

Labeling India as the representative of the Global South, Modi said the nation’s prosperity and heritage were unfolding as opportunities for the world at large. 

“With India’s participation in the global economy and the global supply chain and with the place that India has earned for itself, I can say with full confidence that the current scenario in India today has brought a guarantee of stability in the world,” he said. 

Addressing concerns regarding inflation, Modi said India has tried its best to control inflation. 

“Compared to the previous period, we have also had some success, but we cannot be complacent with that. We should not be complacent that our things are better than that of the world. I have to take more steps in this direction to minimize the burden of inflation on my countrymen. And we will continue to take that step. My efforts will continue,” he said. 

India’s retail inflation rate surged to a 15-month high of 7.44% in July 2023, government data released on 14 August showed.