Indian Prime Minister Narendra Modi greets after addressing the nation at the 17th century Red Fort on Independence Day in New Delhi, India, on Aug 15, 2022. (PANKAJ NANGIA / AP)
NEW DELHI – India will aim to become a developed nation within 25 years, Prime Minister Narendra Modi said in a national day address on Monday, with policies to support domestic production in power, 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 exhorted youth to "aim big" and give their best years for the cause of the country.
"We must turn India into a developed country in the next 25 years, in our lifetime," said the 71-year-old Modi, wearing a turban in the colors of the Indian flag, in his 75-minute-speech in Hindi.
We must turn India into a developed country in the next 25 years, in our lifetime…It's a big resolution, and we should work towards it with all our might
Narendra Modi, India’s Prime Minister
"It's a big resolution, and we should work towards it with all our might."
The World Bank currently categorizes India as a lower-middle income economy – meant for countries with a gross national income per capita of between US$1,086 and US$4,255. High income countries, like the United States, have a per capita income of US$13,205 or more.
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India is the world's sixth-largest economy and is expected to grow at over 7 percent in the current fiscal year ending in 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 US$2,100, may remain low compared to many countries.
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US President Joe Biden on Sunday congratulated India for its national day and said the United States and India were "indispensable partners" that would continue to work together to address global challenges in the years ahead.
India's neighbor Pakistan, which was part of British India and became independent at the same time, celebrated its independence day on Sunday.