India aims to become a developed nation within 25 years, Prime Minister Narendra Modi said in a national speech on Monday, with policies supporting domestic production in energy, defense and digital technology.
Speaking of the 17th-century Red Fort in Delhi as India celebrates its 75th year of independence from British colonial rule, Modi urged young people to “aim big” and give their best years for the country’s cause.
“We must turn India into a developed country in the next 25 years in our lifetime,” Modi, 71, wearing a turban in the colors of the Indian flag, said in his 75-minute speech in Hindi.
“It is a great resolution, and we must work towards it with all our strength.”
The World Bank currently classifies India as a lower-middle-income economy – targeting countries with gross national income per capita between US$1,086 and US$4,255. High-income countries such as the United States have a per capita income of $13,205 or more.
India is the sixth largest economy in the world and is expected to grow by more than 7% in the current fiscal year ending March 2023 – the fastest among major economies.
Many experts say India’s economy could expand to become the world’s third-largest by 2050, after the United States and China, although per capita income, currently around $2,100, could remain low compared with many countries.
With around 1.4 billion people, 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 challenger to China’s dominant influence in Asia and beyond. US President Joe Biden on Sunday congratulated India on its national day and said the United States and India are “indispensable partners” who will continue to work together to address global challenges in the years ahead.
Neighboring Pakistan, which was part of British India and became independent at the same time, celebrated its independence day on Sunday.
Source: CNN Brasil