India's Path to Global Leadership: PM Modi Highlights Economic Resilience and Vision for 2047

Prime Minister Narendra Modi, speaking at the ET World Leaders Forum 2025, highlighted India’s growing influence on the global economy, with experts forecasting a 20% contribution in the coming years. He credited a decade of macroeconomic stability for India’s resilience, citing fiscal deficit reduction and robust fundamentals. PM Modi emphasized transformative progress, noting achievements in space missions, defense production, and semiconductor manufacturing. He outlined reforms in taxation, GST, and infrastructure, stressed clean energy and R&D, and reaffirmed India’s commitment to becoming a self-reliant and developed nation by 2047.

Prime Minister Narendra Modi emphasized that India is set to play a pivotal role in shaping the global economy, with experts forecasting its contribution to rise to 20% in the near future. Speaking at the ET World Leaders Forum 2025 in New Delhi, he outlined the key drivers behind India’s impressive growth trajectory.

Reflecting on the nation’s progress, PM Modi credited a decade of macroeconomic stability as the cornerstone of its current resilience and prosperity. "The macroeconomic stability achieved over the last ten years has laid the foundation for today’s growth and resilience," he remarked.

The Prime Minister also highlighted how India has weathered the disruptions of the Covid-19 pandemic while preserving its strong economic fundamentals. He noted that the fiscal deficit is expected to decline to 4.4%, even in the aftermath of the pandemic-induced challenges, and praised the economy's remarkable recovery.

Shifting the focus to innovation, PM Modi shared that India is striving for transformative progress rather than gradual improvements. He spotlighted the nation’s achievements in space and defense, mentioning that India has completed over 60 space missions in the past 11 years, accomplished space docking capabilities this year, and is preparing for the Gaganyaan mission to send Indian astronauts into space.

He also pointed to several indicators of economic health, including a robust banking system, controlled inflation, reduced interest rates, and a manageable current account deficit, as evidence of the country's resilience and its promising economic outlook.

Here are some of the key highlights from his address:

On reforms and growth

• “Last week, from Red Fort, I spoke of next-gen reforms. Now, this forum is working as the multiplier of these incoming reforms.”

• “Today, India is the fastest growing major economy in the world. Soon, we will become the third-largest economy of the world. We will be the world’s third-largest economy.”

• “Experts say, India’s contribution to global growth will account for 20%.”

• “We are moving ahead with the goal of a quantum jump, not just incremental change.”

  
  

On macroeconomic stability

• “The growth and resilience that we see in the Indian economy today is due to macro stability.”

• “Our fiscal deficit is predicted to come down to 4.4%, that too after we suffered due to Covid.”

• “Our banks are stronger than before, inflation is low, interest rates are less, the current account deficit is under control, and forex reserves are strong.”

• “Every month, several domestic investors are investing heavily through SIPs.”

• “When economic fundamentals are strong, the foundation is strong, the impact is also strong.”

• “In the past one week, everything that has happened is a befitting testament to India’s growth story.”
  

On technology and semiconductors

• “Semiconductor-related factories have started coming up in India. By the end of this year, the first Made in India chip will come in the market.”

• “We are working rapidly on Made in India 6G.”
  

On space ambitions

• “We’ve opened India’s space sector to private companies.”

• “In the years to come, several space missions are scheduled to be launched.”

• “Today, India is home to more than 300 space startups, up from 1 such startup in 2014.”

• “The day is not far when we will have our own space station. Soon, India will have its own space station.”

• “You will be happy to know that in the last 11 years, more than 60 space missions have been completed. There are many missions lined up. This year, we have also achieved the capability of space docking. This is a big achievement for our future missions.”

  
  

On Gaganyaan mission

• “Now India is preparing to send its astronauts to space through the Gaganyaan mission, and in this, we are going to get a lot of help from the experience of Group Captain Shubhanshu Shukla.”
  

On Tax and GST reforms

• “We’ve brought reforms in the Income Tax bill after 60 years. This has been prepared in simple language for India’s common man.”

• “By this Diwali, GST reforms will be completed. This will make the GST simple.”
  

On economy, industry and jobs

• “Manufacturing will rise, demand will increase, ease of living and doing business will improve.”

• “This will energise the industry, ease of doing business will improve and new employments will be generated.”
  

On Vision for 2047

• “The basis of 2047 Viksit Bharat dream is Aatmanirbhar Bharat.”

• “India is ready for Aatmanirbharta as a Viksit Bharat.”
  

On defence production

• “Between 1979 and 2014, India produced only 42 missiles in 35 years, while in the past 11 years it has produced 60 missiles.”
  

On reforms impact

• “The new generation reforms will help lower prices, boost market demand, create jobs, and improve both ease of living and ease of doing business.”
  

On Covid-19 vaccines

• “Of the 800 crore Covid vaccines produced globally, 400 crore were made in India.”
  

On electric vehicles

• “India is going to export EVs to 100 nations.”
  

On research and development

• “We need urgency in research built.”

• “We’ve worked to amplify research and development in the country.”

• “Industry and private companies should come forward for quantum tech, biotech and other sectors that need more R&D to enhance the vision of a Viksit Bharat.”
  

On clean energy and global growth

• “Time demands private sector in clean energy, quantum and battery storage. The reform, perform and transform mantra of India will bring India out of slow pace.”

• “India can take the world out of slowing growth.”

• “We are the ones to change the direction of the waves.”
  

PM Modi on reforms in Monsoon Session

• “The monsoon session of the Parliament has just ended. In this monsoon session, you will see the continuity of reform. Despite many disruptions created by the opposition, we have been engaged in reform with full commitment.”

• “In this monsoon session, Jan Vishwas Bill 2.0 has been passed. This is a major reform related to trust-based governance and pro-people governance.”
  

PM Modi on mining, shipping and ports

• “In this monsoon session, many amendments have been made in the laws related to mining.”

• “Laws related to shipping and ports have also been changed. These laws were also in place since the British era.”

• “The reforms that have been done now will promote port-led development in India's blue economy.”
  

PM Modi on sports policy and economy

• “Similarly, new reforms have been done in the sports sector as well. We are preparing India for big events.”

• “We are building the entire eco-system of sports economy, hence the government has also come up with a new National Sports Policy.”