Reforms necessary to make India developed nation by 2047: PM Modi
India, Modi said, was on the path to being a global manufacturing hub on the strength of its manufacturing sector
New Delhi: Reforms are necessary to take India forward and make the leap to a developed-country status by 2047, Prime Minister Narendra Modi said on Thursday, delivering his 11th consecutive Independence Day speech from the Red Fort.
In his 98-minute speech, Modi stressed reforms at every level of the country’s governance structures, from the centre to grassroots, and changes that encompass all sectors of Asia’s third-largest economy.
Modi said the country was on a path to all-round development on the back of modernisation of all sectors in the economy and by incorporating global best practices, along with improvements of people’s quality of life.
“We aim to advance in line with our country’s unique conditions while adopting the best practices from around the world. Every sector requires modernization and innovation, with an emphasis on integrating technology,” said the PM.
If 1.4 billion citizens “set out with a resolution, determine a direction and march forward step by step, shoulder to shoulder”, the country will achieve the goal of Viksit Bharat (developed nation) by 2047, Modi said. The World Bank currently categorises India as a lower-middle income economy, a classification for countries with a gross national income per capita of between $1,086 and $4,255.
“I want to assure the citizens of the country that our commitment to reforms is not limited to the editorials of pink papers. Our commitment to reforms is not for a few days of applause. Our process of reforms is not driven by compulsion but by the intention to strengthen the nation.”
The prime minister exhorted states and multi-tier local governments, such as panchayats and municipalities, to initiate at least two reforms a year.
“If each of you undertakes just two reforms per year at your level, reforms that directly benefit the common man, I am not asking for much, my friends. Whether it’s a panchayat, a state government , or any department, simply implement two reforms a year and put them into practice.”
The government is pushing reforms in the manufacturing sector because it is crucial for generating jobs for India’s burgeoning work force and to address unemployment, Modi said.
India needs to create 7.85 million non-farm jobs every year until 2030 to absorb its growing workforce amid new challenges like artificial intelligence (AI), the government’s Economic Survey 2023-24 has projected.
The production-linked incentive scheme has been a great success, the prime minister said, adding FDI reforms have also given the country “significant strength.” India, he said, was on the path to being a global manufacturing hub on the strength of its manufacturing sector.
The prime minister also stressed the need to modernise the agriculture sector, which provides livelihood to nearly half the population and accounts for 18% of the country’s GDP. “It has become very necessary to transform the agriculture sector,” he said.
The government has been helping farmers and working continuously to transform agriculture, the PM said, highlighting the farm economy as one of the pillars of the economy.
“Farmers are being given drones and new technologies along with value addition to their produce. End-to-end marketing facilities have been arranged so that there is hand-holding at every stage.”
Modi also talked about soil degradation from the use of agricultural chemicals and his government’s push for natural farming. “Organic food is a need. We can become the organic food basket of the world.”
Modi said a reformed banking sector had helped to formalize the economy and cater to the banking needs of the poor and middle class. The prime minister assured the government’s commitment to “big reforms”.
Pointing to increased economic opportunities, Modi said, “Today, many big companies of the world want to invest in India. Most people who are seeking a meeting with me in my third term are investors. Investors from all over the world want to come and invest in India.”