Modi says India aims to become developed nation in 25 years

NEW DELHI, Aug 15 (Reuters) – India will aim to become a developed nation within 25 years, Prime Minister Narendra Modi said in his National Day speech on Monday, with policies to support domestic production in energy, defense and digital technology.

Speaking from the 17th-century Red Fort in Delhi as India celebrates its 75th year of independence from British colonial rule, Modi urged the youth to “aim big” and give their best years to the cause of the country.

Wearing a turban in the colors of the Indian flag, Modi, 71, said in his 75-minute speech in Hindi, “We must transform India into a developed country in the next 25 years.”

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“It is a big resolution and we must work for it with all our might.”

The World Bank currently classifies India as a lower-middle income economy – countries with a per capita gross national income 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 world’s sixth largest economy and is expected to grow at over 7% in the current financial year ending March 2023 – the fastest among major economies.

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

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

Countries like the United States already see India as a future challenge to China’s hegemonic influence in Asia and beyond. US President Joe Biden on Sunday wished India on its national day and said the US and India are “indispensable partners” who will continue to work together to address global challenges in the coming years. Read on

India’s neighbor Pakistan, which was part of British India and became independent at the same time, celebrated its Independence Day on Sunday.

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Report by Manoj Kumar; Edited by Raju Gopalakrishnan

Our Standards: Principles of Thomson Reuters Trust.

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