As the world faces increasing uncertainty, India is emerging as a fast-growing economy, setting its sights on becoming a leader in technology and manufacturing. Prime Minister Narendra Modi, during the ‘Kautilya Economic Summit’, addressed the country’s aspirations and reassured the global audience of India’s resilience and strength amid challenges like the West Asian crisis and the Russia-Ukraine war.
Global Tensions and Energy Security
The Prime Minister’s address comes at a critical time, with tensions escalating in West Asia following an Iranian attack and the potential for retaliation from Israel. If this situation worsens, it could have serious implications for global energy prices, especially crude oil, which plays a vital role in the world economy. For India, this is particularly significant as the country imports 85% of its petroleum needs, primarily from West Asia. Any disruption in this region could impact India’s energy security and push up oil prices.
Without specifically naming the nations involved, Modi pointed out that two key regions are inching towards conflict, which could impact not just the global economy but also energy supplies. His comments reflect growing concern about how these conflicts could ripple through economies around the world, but he also emphasized India’s preparedness and determination to continue on its path of growth.
India’s Commitment to Growth and Reform
Despite these global uncertainties, Prime Minister Modi reassured attendees that India is well on track to achieve sustained growth. With a clear focus on structural reforms, innovation, and technology, India is preparing to lead the world in key sectors. One of the most exciting developments he announced is that India is establishing its own semiconductor manufacturing plants. Soon, ‘Made in India’ chips will be available globally, positioning India as a serious player in the technology space.
He further highlighted that the country has been taking major steps towards becoming a developed nation by 2047. “Amidst these huge global uncertainties, we are discussing the rise of India, which is a testament to the growing confidence in our nation’s potential,” Modi stated, underscoring India’s strategic focus on science, technology, and innovation.
Investment and Economic Reforms Driving Growth
India, today, holds the title of the world’s fastest-growing major economy and ranks fifth globally in terms of Gross Domestic Production (GDP). Prime Minister Modi credited this growth to bold policy changes implemented during his government’s third term, with reforms aimed at creating more jobs, boosting skills, and fostering innovation.
In just the first three months of his current term, the government has approved investment plans worth Rs 15 lakh crore. Modi pointed out that these investments are part of a broader plan to bring about transformational change in India’s economy, which is now built on a strong foundation. He added, “India is not just moving towards the top, but is preparing to stay at the top. Opportunities in every field are immense, and we are moving forward.”
Boosting Manufacturing with PLI Scheme
The Prime Minister also shed light on the success of the Production Linked Incentive (PLI) scheme, which has attracted investments of Rs 1.25 lakh crore. This scheme is a cornerstone in India’s efforts to enhance manufacturing capabilities across sectors, further strengthening the nation’s industrial base. Modi emphasized that these efforts are leading to a new wave of economic transformation, especially as India becomes a hub for electronics and chip manufacturing.
Focus on Inclusive Growth
In his speech, Modi stressed the importance of inclusive growth, highlighting that while India’s economy is growing, so is its commitment to lifting people out of poverty. In the last decade, around 25 crore people have been lifted from poverty, an achievement that has added another dimension to India’s success story. This commitment to inclusion is reflected in various policies and reforms aimed at empowering every segment of the population.
India’s Strong Foundation for Future Success
India’s reform journey over the last decade has been impressive, and Modi took the opportunity to remind his audience of several key initiatives. These include the strengthening of India’s banking system, the implementation of the Goods and Services Tax (GST), and the introduction of the Insolvency and Bankruptcy Code. Furthermore, the government has opened up critical sectors like mining and defense for private investment and has made significant changes to foreign investment rules to encourage more participation.
One of the more recent initiatives aimed at empowering the youth is the ‘PM Internship Scheme’, which has seen 111 companies register to offer internships to young Indians. This initiative aims to give students hands-on experience in real-world companies, enhancing their employability and helping them gain crucial skills for the future.
The Road Ahead
India’s commitment to reforms, innovation, and inclusive growth, coupled with its determination to rise as a global leader, is clear. Despite the challenging global environment, India is positioning itself not just to survive but to thrive. As Modi reiterated, “The Indian economy is not just preparing to reach the top, but to stay there.”
