New Delhi: Prime Minister Narendra Modi, addressing the ET World Leaders Forum 2025, asserted that India is the world’s fastest-growing major economy and on track to soon emerge as the third-largest economy globally. He credited the resilience of India’s economy to the macroeconomic stability built over the last decade, despite global challenges such as the Covid crisis.
Modi highlighted that the fiscal deficit is expected to fall to 4.4%, banks are stronger than ever, inflation remains low, interest rates stable, and forex reserves robust. He noted that India’s markets are witnessing record fund-raising by companies, while lakhs of retail investors are consistently channeling thousands of crores into the markets through SIPs.
Showcasing India’s progress in technology, the PM announced that semiconductor factories are already coming up, and the first Made-in-India chip will be available by the end of this year. He added that work on indigenous 6G technology is progressing rapidly, correcting decades of missed opportunities in electronics manufacturing.
On the reform agenda, Modi underlined that the Jan Vishwas Bill 2.0 has been enacted to promote trust-based, citizen-friendly governance. The 60-year-old income tax law has been simplified, while outdated legislations in mining, shipping, and ports have been replaced to enable port-led growth in the blue economy. A new National Sports Policy has also been introduced to strengthen the sports economy and prepare India for hosting global events.
Turning to India’s strides in space, Modi said the country has completed over 60 missions in the past 11 years and recently achieved the milestone of space docking. He confirmed that preparations are in full swing for the Gaganyaan mission, with critical contributions from Group Captain Shubhanshu Shukla.
“India is not looking for incremental change. We are moving ahead with the goal of a quantum leap. For us, reform is not compulsion or crisis-driven—it is our conviction,” Modi concluded.
