India in position to help lift the world out of slow growth: PM Modi

New Delhi: The Prime Minister Narendra Modi on Saturday 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, while setting its sights on becoming the world’s third-largest economy and a developed nation by 2047.

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Addressing the 'Economic Times World Leaders Forum' in New Delhi, the Prime Minister said reform is a matter of “commitment and conviction” for his government, not a compulsion or crisis-driven step. He announced that the government’s next-generation Goods and Services Tax (GST) reform, aimed at simplifying the law and reducing prices, will be completed before Diwali.

Outlining the broader reform agenda, Modi said, “With this arsenal of next-generation reforms, manufacturing in India will increase, market demand will rise, the industry will receive a new boost, new employment opportunities will be created, and both Ease of Living and Ease of Doing Business will improve.”

The Prime Minister urged the private sector to step up investments in research and development in emerging areas such as clean energy, quantum technology, battery storage, advanced materials, and biotechnology. “This will strengthen the resolve of a developed India,” he said.

Highlighting India’s macroeconomic strength, Modi said the country remains the world’s fastest-growing major economy and is expected to contribute nearly 20 percent to global growth. He noted that fiscal deficit is projected to decline to 4.4 percent, inflation and interest rates are low, and banks and capital markets are stronger than ever. “When the fundamentals of the economy are strong, its foundation is strong, and its effect is seen everywhere,” he added.

The Prime Minister also drew attention to the resilience of the Indian economy, citing robust forex reserves, a controlled current account deficit, and record retail investments in capital markets through SIPs.

On India’s industrial progress, Modi noted that automobile exports have more than doubled, from Rs 50,000 crore in 2014 to Rs 1.2 lakh crore annually, and the country has expanded into exports of metro coaches, rail coaches, and locomotives. He added that India is now preparing to export electric vehicles to 100 countries, with a major announcement scheduled for August 26.

Modi underlined that India has shifted its approach since 2014, resolving not to miss global opportunities but to “take the driving seat.” He pointed to the development of an indigenous 5G stack and ongoing work on Made-in-India 6G technology as examples of this shift.

“India is working with full force toward its goal of becoming a developed nation by 2047. The basis of a developed India is a self-reliant India, driven by speed, scale, and scope,” the Prime Minister said.

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