Prime Minister Narendra Modi spoke from the Red Fort on 'Independence Day' on Thursday, August 15, for the eleventh time in a row.
The focus of a significant segment of the speech was on the economic measures implemented by his administration and the direction to be followed in the future.
In order to achieve the goal of making India a 'Developed nation' by 2047—the year that will commemorate 100 years of independence from British colonial rule—PM Modi emphasized that the 'path of reforms' will continue.
The prime minister discussed the Indian economy in the following 5 points:
1) Robust banking for formal economy
The prime minister stated that the formal economy of India is being strengthened by the banking sector's outstanding performance. He continued, 'Youth, farmers, and entrepreneurs can all greatly benefit from an abundance of loans provided by a robust banking sector in the nation.'
2) AI, semiconductors and 6G
PM Modi stated that India can supply end-to-end solutions for the global community, with a focus on artificial intelligence and semiconductors. He added that India had started preparing for 6G and had moved quickly to roll out 5G internet services.
3) Investment in India is highly sought after
Investments in India are sought after by numerous global corporations and investors nowadays. This is a truly exceptional chance. I implore state governments to establish clear policies that will draw in investors and reassure them of a law-and-order situation and good governance.
States ought to compete with one another to draw in the greatest number of investors. PM Modi stated that their policies should adapt to the needs of the world.
4) Space industry
One significant factor is the space industry. In this area, 'we have implemented numerous reforms. A lot of startups are joining this industry these days.
India's growing space industry is a crucial component of the country's rise to power. With a long-term vision, we are strengthening and concentrating on this sector,' Prime Minister Modi stated.
