India 3rd largest economy in my third term, says Modi
New Delhi: Prime Minister Narendra Modi expressed confidence that India would become the world’s third-largest economy during his third term. Addressing India Inc at the 'Journey Towards Viksit Bharat: A Post Union Budget 2024-25' conference, he highlighted that global investors are keen on India, urging domestic industries to seize this 'golden chance' to help achieve Viksit Bharat by 2047.
Modi criticised the UPA regime, noting that his government has tripled India's Budget in 10 years, from Rs 16 lakh crore in 2014 to Rs 48 lakh crore in 2024. He emphasised that India is an exception in a world of uncertainties, showcasing high growth and low inflation, with a 16 per cent share in global growth despite economic challenges over the past decade.
“India is the only country with high growth and low inflation and our fiscal prudence is a role model for the world. Besides, India’s share in global growth is 16 per cent. This happened even though there were multiple blows to the economy in the last 10 years. India would have been in a higher position if these challenges had not come,” he said.
He stressed the importance of wealth creators, stating that India's policies, decisions, and investments are driving global progress. Modi called on state chief ministers to create investor-friendly charters and conducive investment environments.
“Today, the whole world is looking at India and you (industry). Policies of the government and commitment and investment are becoming the foundation of global development. Investors across the world are keen to come to India. World leaders are filled with positivity for India. This is the golden chance for the Indian industry and we should not lose this opportunity,” the Prime Minister said.
“With high growth and low inflation, India is a beacon of growth and stability in a world which is facing high inflation and low growth and other geopolitical challenges. India is growing at 8 per cent and the day is not far when the country will become the third-largest economy globally from the current fifth position. Our government does not lack political will and will take all decisions keeping in mind ‘nation first approach’, he added.
Highlighting the PM package worth Rs 2-lakh crore in the Budget, Modi stated it would benefit 4 crore youth, supporting startups and new businesses through schemes like Mudra Yojana, Startup India, and Standup India. He urged the domestic industry to compete with the government to make India a developed nation by 2047 and a global player in sunrise sectors, focusing on skill development and employment in line with Industry 4.0 standards.
Modi noted the transformation of India's manufacturing ecosystem over the last decade through 'Make in India,' simplified FDI rules, and the Production Linked Incentive (PLI) scheme. He announced plug-and-play investment-ready parks in 100 districts, which will become new hubs for Viksit Bharat.
He also highlighted increased allocations for nuclear power, digital public infrastructure for agriculture, the Bhu-Aadhaar card for land parcels, a Rs 1,000 crore venture capital fund for the space economy, a critical mineral mission, and upcoming offshore block auctions. Modi emphasised the need to excel in the semiconductor value chain and encouraged growth in electronics manufacturing amid the mobile manufacturing revolution.