India's economy is expected to become the third-largest in the world, according to Prime Minister Modi.

Delhi, India: In his address to the nation on the 78th Independence Day, Prime Minister Narendra Modi shared his vision of a developed India, also known as 'Viksit Bharat', by the year 2047. With a population of 140 crore people, India is poised to become the third-largest economy in the world, thanks to major reforms across various sectors.

PM Modi acknowledged the role of the people in bringing about this change, comparing it to the freedom struggle of 1947 where 40 crore Indians fought for independence. He expressed his commitment to continue implementing significant reforms that will pave the way for the country's future growth. These reforms, he stated, were based on suggestions received from millions of Indians.

One of the major achievements of the BJP-led NDA government in the past decade was the transformation of the banking sector. The sector, which was once struggling with losses and high NPAs due to the phone-banking policy of UPA, is now one of the strongest globally. This has also strengthened support for the growth of micro, small, and medium enterprises, making banks the backbone of their development.

PM Modi also highlighted the success of initiatives like 'Vocal for Local' and 'One District One Product', which have boosted the country's exports from small cities and towns. In addition, he mentioned the remarkable progress made in the renewable energy sector, surpassing the achievements of G20 nations. He also expressed the goal of making India self-reliant in the energy sector by 2047, with a target to install 500 GW of renewable energy capacity by 2030. The Prime Minister also proudly mentioned the global adoption of fintech initiatives like UPI.

Concluding his speech, PM Modi stressed the need for more "greenfield cities" like Gujarat International Finance Tec-City, which will further contribute to the country's development. He urged all citizens to work towards the collective goal of a developed India by 2047, when the country will celebrate its 100th year of Independence.

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