On India’s 78th Independence Day, Prime Minister Narendra Modi delivered his longest-ever speech from the iconic Red Fort, where he outlined the nation’s economic trajectory and aspirations.This article highlights 20 key points from his address that provide a roadmap for India’s economic future.
1. Viksit Bharat 2047The ‘Viksit Bharat’ initiative aims to make India a developed nation by 2047, with public input playing a crucial role in shaping this vision, particularly in areas like manufacturing and traditional medicine.
2. World’s third-largest economyModi set an ambitious goal for India to become the world’s third-largest economy, urging citizens and policymakers alike to work towards achieving this milestone without delay.
3. Banking sector reformsModi lauded the reforms in India’s banking sector, noting that Indian banks are now counted among the strongest in the world, a significant turnaround from their previously troubled state.
4. Infrastructure development The Prime Minister reviewed the tremendous progress in infrastructure over the past ten years, stressing that this development has significantly improved the ease of living for all Indians. “We have expanded the health infrastructure by sanctioning an increase in the number of hospitals […] today the work of construction of about 75 thousand Amrit Sarovar is going on,” he said.
PM Modi added, “Concrete roads are being built in every village. Electric buses and metro rails are also being built in the country today.“
5. Jal Jeevan mission: 15 crore beneficiariesThe Jal Jeevan Mission, which aims to provide potable water to every household, has already benefited 15 crore families, demonstrating the government’s commitment to improving basic amenities.
6. Empowering women economicallyModi celebrated the financial independence of 10 crore women, a significant achievement in India’s socio-economic landscape.
7. ‘Vocal for Local’: Mantra of India’s economyModi reiterated the importance of the ‘Vocal for Local’ campaign, urging citizens to support domestic products, which has become a cornerstone of India’s economic strategy, known as Arthatantra.
8. ‘One district, one product’ initiativeTo boost exports and economic diversity, Modi promoted the ‘One District, One Product’ initiative, which encourages districts to specialise in unique products, fostering pride and economic self-reliance.
9. Attracting global investment, FDIModi highlighted the growing interest of international companies in investing in India. He urged state governments to create investor-friendly policies and to compete in attracting global investments.
10. ‘Design in India, design for the world’The Prime Minister stressed the need for India to focus on designing products not just for domestic consumption but for global markets, highlighting the importance of innovation and global competitiveness in India’s economic strategy.
11. Towards energy self-relianceThe PM emphasised India’s commitment to becoming self-reliant in the energy sector, noting that the country is making significant strides in renewable energy compared to other G20 nations.
12. On corruptionPM Modi emphasised the detrimental effects of corruption, labeling it as a societal issue that undermines public trust and hinders national progress. He vowed to intensify efforts to eradicate this “termite” that has troubled every citizen.
13. India and the global gaming industryModi identified the burgeoning global gaming industry as a sector where Indian professionals should lead, not only in gameplay but also in developing games that reflect India’s rich cultural heritage.
14. Comprehensive skill development Aligning with the Industry 4.0 revolution, the PM outlined the government’s focus on skill development across all sectors. This includes initiatives from the 2024 Budget aimed at making India the global skill capital, with a particular emphasis on youth training.
The ‘Skill India’ initiative was highlighted as a key driver of economic growth, providing new momentum by equipping the workforce with the necessary skills to thrive in a rapidly changing job market.
15. India as a defence manufacturing hubIndia is emerging as a global hub for defence manufacturing, with the Prime Minister proudly stating that the country now has its own identity in this crucial sector.
16. New modern systemsIn sectors like tourism, MSMEs, and agriculture, Modi described how modern systems and best practices are being integrated, with technology playing a key role in this transformation.
17. Green growth and green jobsThe focus on green growth was highlighted as a dual strategy to create employment opportunities while contributing to environmental protection, aligning with global climate change goals.
18. India’s global image transformationThe PM reflected on how the global perception of India has transformed, with Indian-origin CEOs leading major global companies, symbolising India’s growing influence.
19. Opportunities in the space sectorFollowing the success of Chandrayaan, Modi emphasized the vast opportunities in the space sector, particularly for startups, and announced dedicated funds for research in this high-potential area.Modi highlighted how India’s educational institutions are nurturing talent in the space sector, with the government earmarking funds for further research and development in this critical field.
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