Prime Minister Narendra Modi on Wednesday revealed that his government has set a goal of making India a developed country in the next 25 years. He added that all major rating agencies are of the opinion that India will be among the three largest economies in the world in the next few years, and these upcoming 25 years represent India’s Amrit Kaal.
Addressing the inauguration of the 10th edition of the Vibrant Gujarat Global Summit, which saw the participation of state heads and CEOs of top private companies, PM Modi said in the rapidly changing world order, India is moving ahead as the “vishwa mitra” (friend of the world). India has emerged as a new ray of hope amid many uncertainties being faced globally, and the world looks at it as an important pillar of stability, a trusted friend, and an engine of growth in the global economy.
“In the rapidly changing world order, India is forging ahead as ‘vishwa mitra’. India has given hope to the world that we can collectively decide on common goals and achieve them. India’s commitment to global welfare, its dedication, efforts, and hard work are contributing to making today’s world more secure and prosperous,” he said.
Speaking about India’s economy, PM Modi remarked, “Today, India is the fifth-largest economy in the world. Ten years ago, India held the 11th position. Presently, all major agencies estimate that India will be among the top three economies globally in the coming years. Let people across the world conduct their analyses, but I guarantee that it will happen.”
“Today, the world sees India as an important pillar of stability, a trustworthy friend, a partner dedicated to people-centric development, a voice advocating for global good, a representative of the global south, an engine of growth in the global economy, a technology hub for finding solutions, a powerhouse of talented youth, and a democracy that delivers,” he added.
All major rating agencies believe that India will be among the three largest economies in the world in the next few years,” Modi said, confidently stating that it is his guarantee that the country will achieve this goal. “Today, India has assured the world that we can set common goals and achieve them. India’s commitment to global welfare, its loyalty, efforts, and hard work are contributing to making today’s world more secure and prosperous,” he added.
The prime minister emphasised that in a time when the world is surrounded by uncertainties, India has emerged as a new ray of hope. “India’s priorities are clear: sustainable industry, infrastructure, and manufacturing; new-age skills; futuristic technology, including AI and innovation; green hydrogen; renewable energy; semiconductors and their entire ecosystem,” he said.
“If there is significant resilience and growth momentum in India’s economy amidst the current global situation, then a major reason for this is our focus on structural reforms in the last decade. These reforms have enhanced the capacity, capability, and competitiveness of India’s economy,” he said. India recently celebrated 75 years of independence, and in the next 25 years, it will commemorate 100 years. “These 25 years represent ‘amrit kaal’ for India, for which the goal of becoming a developed country has been set,” he added.
At the Vibrant Gujarat Global Summit, billionaire Gautam Adani announced a substantial investment exceeding Rs 2 lakh crore in Gujarat, with a primary focus on establishing a green energy park visible even from outer space. The investment is expected to create 1 lakh jobs. Of the Rs 55,000 crore committed at the last summit, the Adani Group has already spent Rs 50,000 crore. Currently, the conglomerate is actively involved in developing a massive green energy park in Kutch, featuring an impressive 30 GW capacity spread across 25 square kilometers. Billionaire Mukesh Ambani announced that his company, Reliance, plans to establish India’s inaugural state-of-the-art carbon fiber facility at Hazira.
Tata Sons Chairman Natarajan Chandrasekaran announced the company’s intention to establish a new semiconductor fabrication plant later this year. The semiconductor manufacturing sector holds a pivotal position in Modi’s economic agenda.
Suzuki Motor Corporation President Toshihiro Suzuki announced that Maruti Suzuki India will invest Rs 35,000 crore to set up its second manufacturing facility in Gujarat, aiming to ramp up annual production capacity to over 40 lakh units by 2030-31. Lakshmi Mittal announced that ArcelorMittal Nippon Steel India (AM/NS India) is building the world’s largest single-location integrated steel plant at Gujarat’s Hazira. South Korean semiconductor critical parts maker Simmtech is preparing for another colocation investment with Micron. Global computing major Nvidia on Wednesday said its partner, Yotta, is set to commission an ‘artificial intelligence data center’ in the GIFT City here before the end of March.
The PM credited UAE President Sheikh Mohamed bin Zayed al Nahyan, who attended the summit as the chief guest, for the high growth of India-UAE relations. The future of 21st-century India will become bright with our collective effort. Even during the G20 presidency, India provided a roadmap for a global future and is taking forward the vision in this edition of VGGS, he added. India is continuously strengthening its partnership with the I2U2 Group (comprising India, Israel, the United Arab Emirates, and the United States) and other multilateral organisations, Modi said.
He mentioned that his government has strengthened India’s banking system through recapitalisation and the use of information technology, eliminating more than 40,000 compliances through ease of doing business, GST, and global supply chain diversion.
“We have signed three FTAs to make India a more attractive destination for global business. One of the FTAs is with the UAE. We have opened many sectors for FDI through automatic routes. Today, India is making a record investment in infrastructure,” he said. In ten years, India’s capex has grown five times, and the country is also moving rapidly in the green energy and renewable energy sectors, with a threefold increase in green energy and a twentyfold increase in solar energy capacity.”
“In 10 years, cheaper phones and data have brought about a new revolution of digital inclusion. Expansion of optical fibre to every village, and expansion of 5G is changing lives of common India. We are the world’s third biggest start-up ecosystem,” Modi said.
Started in 2003 during Modi’s tenure as the Chief Minister of the state, the Vibrant Gujarat Global Summit has become a significant event. The tenth edition, themed ‘Gateway to the Future,’ is scheduled to take place from January 10-12, 2024, in Gandhinagar. This edition will commemorate “20 Years of Vibrant Gujarat as the Summit of Success.”
He said the changes happening in India are increasing the ease of living of citizens and empowering them. “In the five years of our government, more than 13.5 crore people have come out of poverty and the average income of people has increased along with the participation of female workforce, which is a very good signal for India’s future,” he said, and called upon the world to join India’s growth journey.
The government is working to improve logistics and ease of transportation, with the number of airports grown from 74 to 149, national highway network twice, and metro train network thrice in the last ten years, he said. “It is a matter of happiness for us to have my brother His Highness Sheikh Mohamed bin Zayed Al Nahyan to participate in the event. His presence as a chief guest at the VGGS indicates an increasingly intimate relationship between us. His faith in India and his support were very warm,” he said.
The two countries have signed MoUs for development of food parks, cooperation in renewable energy, and investment in the health sector. Companies have also agreed to invest multi million dollars in India’s port infrastructure, he said. UAE’s sovereign wealth fund will begin operation in the GIFT City, and transworld companies are also going to start aircraft and ship leasing activities, he said.