On August 24, 2025, at the World Leaders Forum ET — one of the most high-profile global platforms where policymakers, economists, and business leaders converge to discuss the future of the world economy — Prime Minister Narendra Modi delivered a landmark address.
Table of Contents
At the World Leaders Forum ET — The Economic Times, Prime Minister Narendra Modi delivered a speech that combined pragmatic achievements with long-term vision. He declared that India is now in a position not only to sustain its own rapid growth but also to “lift the world out of slow growth.” Modi outlined concrete reforms already underway, landmark achievements in technology and space, and an ambitious roadmap to transform India into a developed nation by 2047, the centenary of its independence.
For those who did not witness the address, here are the complete highlights, explained in detail.
India’s Economic Momentum: From Stability to Global Leadership
Modi opened by asserting that India is on track to become the world’s third-largest economy in the near future. But he underlined that this projection rests not on optimism alone—it is backed by tangible results:
- Macroeconomic stability: India’s fiscal deficit is narrowing while foreign exchange reserves remain strong, providing a cushion against global volatility.
- Job creation: A record 2.2 million formal jobs were created in a single month, reflecting the dynamism of India’s labor market.
- Inflation control: Retail inflation has dropped to its lowest since 2017, easing the cost of living for millions.
- Global recognition: Rating agency S&P Global upgraded India’s credit rating for the first time in nearly two decades, reflecting growing investor confidence.
These achievements, Modi explained, are the fruits of his government’s guiding principle: “Reform, Perform, Transform.”
Implication: India is no longer just a “fast-growing economy” but is now seen as a pillar of stability in an uncertain global environment.
Made in India: First Semiconductor Chip and Indigenous 5G
Turning to technology, Modi underscored the success of the Made in India initiative—a push to build resilience by reducing dependence on foreign supply chains.
- India has successfully deployed its own 5G network, developed and rolled out indigenously.
- The country is now preparing to unveil the first Made-in-India semiconductor chip—a breakthrough in a sector dominated by a few global players.
He noted that semiconductors are the “oil of the 21st century”, powering everything from smartphones and cars to defense equipment. By entering the chip race, India is not only boosting its self-reliance but also carving a place in the global tech ecosystem.
Implication: This marks a paradigm shift—India moving from being a consumer of advanced technology to becoming a producer and exporter.
Reaching for the Stars: India’s Expanding Space Program
Modi then turned to space—a domain where India has made stunning progress.
- In just 11 years, India has completed more than 60 space missions, ranging from lunar and Mars probes to advanced satellites.
- The country is preparing for its most ambitious project yet—the Gaganyaan mission, which will send Indian astronauts into space.
- Thanks to reforms opening the sector to private investment, India’s space startups have grown from just 1 in 2014 to over 300 today.
He declared that India is no longer an emerging participant but a serious contender in global space exploration.
Implication: India is positioning itself not just as an economic power, but also as a technological and scientific leader.
Reforms for Growth: GST, Taxes, and Market Demand
Modi emphasized that economic progress must directly improve both ease of living for citizens and ease of doing business for enterprises.
The centerpiece of this agenda is the next-generation Goods and Services Tax (GST) reform, which he announced will be completed before Diwali this year.
- The reform aims to simplify compliance, reduce costs for manufacturers, and make the system fairer for consumers.
- It is expected to boost demand, stimulate manufacturing, and create fresh employment opportunities.
- Modi also hinted at further income tax changes—part of a broader effort to expand the tax base and increase disposable income.
Implication: These reforms are not just bureaucratic changes—they are designed to unlock demand, attract global investment, and fuel long-term growth.
Fueling Innovation: R&D as India’s Growth Engine
Innovation, Modi said, is the bedrock of future progress. He laid out an ambitious plan to strengthen India’s research and development ecosystem:
- Doubling national R&D expenditure in the coming years.
- Establishing R&D cells across thousands of higher education institutions, ensuring innovation begins at the grassroots level.
- Launch of the National Research Foundation, backed by a multi-billion-dollar budget, to fund cutting-edge research.
He also urged the private sector to step up in critical areas:
- Clean energy to combat climate change.
- Quantum computing to secure India’s place in the next tech revolution.
- Biotechnology to support agriculture, medicine, and food security.
- Advanced materials and battery storage, essential for manufacturing and energy transition.
Implication: With the government providing infrastructure and funding, private enterprise is expected to lead India’s technological leap.
India’s Vision for 2047: Viksit Bharat
Concluding his speech, Modi tied together economic, technological, and social reforms under the vision of “Viksit Bharat” (Developed India) by 2047.
He explained that this is not just a political slogan but a national mission built on:
- Inclusive growth that ensures prosperity is widely shared.
- Technological self-reliance that frees India from dependency on others.
- Global partnerships where India contributes to world stability and growth.
- A new mindset of confidence—India as a leader, not just a follower.
“India’s time is now. We are not just participating in the global arena—we are shaping it,” Modi declared to applause.
Conclusion
Prime Minister Modi’s address at The Economic Times World Leaders Forum was more than a policy update—it was a statement of intent.
From the first Made-in-India semiconductor chip and indigenous 5G rollout, to the Gaganyaan space mission, massive GST reforms, and a doubling of R&D investment, Modi painted a picture of a nation on the move.
For global observers, the message was clear: India is not just rising—it is leading. As the country marches toward 2047, its transformation is no longer about potential but inevitability.
Resources and Further Reading
