PM Modi Affirms Commitment to Reforms for India's Development by 2047

Prime Minister Narendra Modi expressed confidence that India is on track to become the world's third-largest economy soon. He emphasised the government's commitment to reforms aimed at transforming India into a developed nation by 2047. Modi announced that the next phase of GST reform will be completed before Diwali, simplifying the law and reducing prices.

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Addressing the Economic Times World Leaders Forum, Modi highlighted India's status as the fastest-growing major economy globally. He stated, "We are soon going to become the third-largest economy in the world." Experts predict India's contribution to global growth will reach approximately 20% shortly.

Economic Stability and Growth

The Prime Minister attributed India's economic growth and resilience to macroeconomic stability over the past decade. He noted that despite challenges like the COVID pandemic, India's fiscal deficit has been reduced to 4.4%. Modi pointed out that Indian companies are securing record funds from capital markets.

Modi highlighted improvements in banking strength, low inflation, controlled interest rates, and a stable current account deficit. He also mentioned robust forex reserves. "Every month, lakhs of domestic investors are putting thousands of crores in the capital market through SIPs," he added.

Investment in Innovation

The Prime Minister urged the private sector to boost investment in research and development across various fields. These include clean energy, quantum technology, battery storage, advanced materials, and biotechnology. He stressed that reforms are driven by commitment rather than compulsion or crisis.

Modi shared that retail inflation is at its lowest since 2017. The latest EPFO data for June indicates a record addition of 22 lakh formal jobs in a single month. This reflects strong economic fundamentals leading to positive impacts across sectors.

Commitment to Reforms

The Prime Minister stated that reforms are undertaken after thorough evaluation and assessment of each sector. During the recent Monsoon session of parliament, the government continued with reforms despite disruptions from opposition parties.

Modi's remarks underscore his administration's dedication to fostering economic growth through strategic reforms and investments. The focus remains on creating a robust economic environment conducive to sustainable development.

With inputs from PTI