In a powerful address at the Economic Times World Leaders Forum 2025 in New Delhi, Prime Minister Narendra Modi declared that India is uniquely positioned to lift the global economy out of its current phase of sluggish growth. With bold reforms, a thriving innovation ecosystem, and a vision for self-reliance, Modi outlined how India is set to become the world’s third-largest economy by 2030, contributing significantly to global prosperity.

India’s Economic Strength: A Global Game-Changer

Modi highlighted India’s remarkable economic trajectory, noting that it is the fastest-growing major economy today. “Experts predict India will account for 20% of global economic growth in the coming years,” he said, citing robust macroeconomic indicators such as a fiscal deficit reduced to 4.9% of GDP, forex reserves exceeding $670 billion, and inflation rates among the lowest globally. These factors, combined with a strengthened banking sector and record capital market investments, position India as a beacon of stability in a volatile global economy.

The Prime Minister also celebrated the confidence of Indian investors, with over 10 crore retail investors participating in the stock market and ₹2.5 lakh crore invested through Systematic Investment Plans (SIPs) annually. This domestic strength, he argued, is a key driver of India’s global economic influence.

Reforms to Fuel Growth and Ease of Living

Central to Modi’s vision are next-generation reforms, particularly in the Goods and Services Tax (GST) framework. By Diwali 2025, the government plans to simplify GST by eliminating the 12% and 28% tax slabs, shifting most goods to 5% and 18% slabs, and introducing a 40% slab for select ‘sin goods’ like tobacco and luxury items. “These changes will reduce prices, boost demand, and create millions of jobs,” Modi said, emphasizing benefits for both consumers and businesses.

Other initiatives include the Employment Linked Incentive scheme, targeting 3.5 crore jobs, and Mission Manufacturing, which aims to make India a global manufacturing hub. “Our reforms are driven by conviction, not compulsion,” Modi stated, underscoring his government’s commitment to sustainable growth.

Innovation and Atmanirbhar Bharat: The Road to 2047

Modi called on the private sector to invest heavily in research and development (R&D) in fields like clean energy, quantum computing, and biotechnology. Since 2014, R&D spending has doubled, patents have surged 17-fold, and 6,000 institutions now host research cells. The space sector, too, has seen remarkable growth, with over 300 startups and a ₹1,000 crore venture capital fund fueling innovation. “India will soon have its own space station,” Modi declared, signaling the nation’s ambitious goals.

At the heart of this vision is Atmanirbhar Bharat (self-reliant India), which Modi described as a roadmap to becoming a developed nation by 2047. From developing indigenous 5G technology to preparing for 6G, India is positioning itself as a global leader in innovation.

Learning from the Past, Building for the Future

Reflecting on missed opportunities, Modi noted that India could have led in sectors like semiconductors decades ago. However, since 2014, the country has made significant strides, with automobile exports rising from ₹50,000 crore to ₹1.2 lakh crore annually and plans to export electric vehicles to 100 countries by August 26, 2025. “We are no longer playing catch-up; we are setting the pace,” he said.

Global Leaders Echo India’s Potential

Modi’s optimism is echoed by global economic analysts. The International Monetary Fund (IMF) projects India’s GDP to reach $5.4 trillion by 2030, overtaking Japan and Germany. Industry leaders at the forum, including CEOs from multinational corporations, praised India’s business-friendly policies and digital infrastructure, which have attracted record foreign direct investment (FDI) of over $100 billion in 2024 alone.

A Call to Action for a Viksit Bharat

Modi concluded with a call to action, urging government, industry, and citizens to collaborate for a “quantum jump” in development. “India’s growth is not just about numbers; it’s about empowering every citizen and inspiring the world,” he said. With a focus on speed, scale, and scope, India is poised to lead the global economy out of its slowdown and toward a brighter future.

As the world watches, India’s journey to becoming a developed nation by 2047 is gaining momentum. Modi’s vision, backed by bold reforms and innovation, positions India as a global economic powerhouse ready to shape the 21st century.