Modi says India aims to become a developed country in 25 years

NEW DELHI (Reuters) – India aims to become a developed country within 25 years, with policies to support domestic production in the fields of energy, defense and digital technology, Prime Minister Narendra Modi said in a National Day address on Monday.

Speaking from the 17th century Red Fort in Delhi as India celebrates the 75th anniversary of its independence from British colonial rule, Modi urged young people to “achieve big goals” and give their best years for the country’s cause.

Wearing a turban in the colors of the Indian flag, Modi said in his 75-minute speech in Hindi, “We must make India a developed country in the next 25 years, in our lifetime.”

It’s a big decision and we have to work towards it with all our might.”

The World Bank currently classifies India as a Low Income Economy – designated for countries with per capita GNI between $1,086 and $4,255. High-income countries, such as the United States, have a per capita income of $13,205 or more.

India is the sixth largest economy in the world and is expected to grow by more than 7% in the current fiscal year ending March 2023 – the fastest among the major economies.

Many experts say India’s economy could expand to become the world’s third largest by 2050 after the United States and China, although per capita income, currently around $2,100, may still be low compared to many countries.

With around 1.4 billion people, India is expected to overtake China as the world’s most populous country next year.

Countries like the United States are already looking to India as a future competitor to China’s dominant influence in Asia and beyond. US President Joe Biden on Sunday congratulated India on its National Day and said the US and India are “indispensable partners” and will continue to work together to tackle global challenges in the coming years. Read more

India’s neighboring Pakistan, which was part of British India and became independent at the same time, celebrated its independence day on Sunday.

(Manoj Kumar reports). Editing by Raju Gopalakrishnan

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