From the ramparts of Red Fort on the 78th Independence Day, Prime Minister Narendra Modi declared an ambitious journey of India toward a 'Viksit Bharat' by 2047. He said how, with more than 140 crore Indians working together, it stood at the cusp of building itself to become the world's third-biggest economy through long-pending substantial reforms in different sectors.
PM Modi drew on this historical precedent when he remembered that in 1947, the efforts of 40 crore Indians brought freedom and thus asserted that if 140 crore citizens now work together, then there is a capability for doing something that will take the country to new heights as it comes closer to a century of freedom.
He asserted that this vision of a developed nation by 2047 has been informed by feedback from millions of Indians. Among the top suggestions, he said, were aspirations to be the third-biggest economy. He added that he will pursue far-reaching reforms that will drive future growth.
Under his leadership and the BJP-led NDA government, reforms in the banking sector have turned a system that was otherwise suffering from huge losses and high NPA levels—legacies of the UPA regime's phone-banking policy—into one of the world's strongest. PM Modi said that now banks have become an important facilitating factor in the growth of MSMEs, and for the first time in 2023-24, the consolidated net profit of all banks crossed Rs 3 lakh crore.
He also referred to the good work begun by initiatives such as 'Vocal for Local' and 'One District One Product', now taking charge in scaling up exports from tier-2 cities and towns. It is learnt that, within renewable energy, what India has achieved was beyond many G20 countries, and was moving steadfastly toward energy self-reliance. He added that fintech innovations like UPI are gaining international recognition.
It has targeted the setting up of 500 GW of renewable energy capacity till 2030 and aims at complete self-reliance in energy by 2047. Modi also urged developing more "greenfield cities" like Gujarat International Finance Tec-City, otherwise GIFT City.
Read also | Vinesh Phogat's Appeal Rejected by CAS; IOA President PT Usha Voices Disbelief
