Prime Minister Narendra Modi on Saturday (August 23, 2025) said that guided by the mantra of Reform, Perform, and Transform, India is in a position to help lift the world out of slow growth. Addressing a media event in New Delhi, he asserted that India will soon emerge as the world’s third-largest major economy and is steadily moving towards the goal of becoming a developed nation by 2047.
PM Modi stressed that reforms for his government are not driven by compulsion or crisis but are a matter of commitment and conviction. He announced that the next-generation GST reform, which aims to simplify tax laws and reduce prices, will be completed before Diwali. “With this arsenal of next-generation reforms, manufacturing in India will increase, demand will rise, industries will gain momentum, and new jobs will be created,” he said.
Calling upon the private sector to raise investments in clean energy, quantum technology, battery storage, advanced materials, and biotechnology, Modi said such steps would strengthen India’s resolve to become a developed nation.
Highlighting the strength of India’s economy, the Prime Minister said, “India is the world’s fastest-growing major economy. Very soon we are going to be the third-largest economy. Experts suggest India’s contribution to global growth will soon touch 20%.” He noted that this growth is supported by macroeconomic stability achieved in the past decade, with fiscal deficit expected to fall to 4.4%, controlled inflation, strong banks, record fundraising from capital markets, and robust foreign exchange reserves.
Modi underlined that India is moving towards self-reliance with a focus on speed, scale, and scope. He said that unlike past governments that “missed the bus” in areas of technology and industry, India after 2014 has resolved to be in the driver’s seat of global opportunities.
Citing technological progress, he said India developed its entire 5G stack domestically and is now working rapidly on Made-in-India 6G. He also pointed to rising exports, noting that India’s automobile exports increased from ₹50,000 crore in 2014 to ₹1.2 lakh crore today, while the country has also begun exporting metro coaches, rail coaches, and locomotives.
Looking ahead, PM Modi announced that India will soon export electric vehicles to 100 countries, with a major event scheduled for August 26 to mark the milestone.
