NextFin news, New Delhi, August 23, 2025 – Prime Minister Narendra Modi declared at The Economic Times World Leaders Forum held in New Delhi that India is on track to become the world's third-largest economy. He emphasized that the country's reforms will continue unabated despite disruptions in the Monsoon Session of Parliament.
Addressing the forum on Saturday, PM Modi highlighted India's rapid economic growth and technological advancements. He stated that India will soon contribute approximately 20% to global economic growth, underpinned by a stable fiscal policy with a projected fiscal deficit of 4.4% and strong domestic capital market fund flows.
The Prime Minister also announced significant technological milestones, including the upcoming launch of India's first domestically manufactured semiconductor chip by the end of 2025 and the ongoing development of a 'Made-in-India' 6G network. Modi noted that India had missed opportunities in semiconductor manufacturing over the past five to six decades but is now rapidly advancing in this sector.
Further, PM Modi revealed plans for India to export electric vehicles to 100 countries, with a major program scheduled for August 26, 2025, reflecting the country's growing automotive industry.
He underscored the government's commitment to reform, stating, "Despite many disruptions created by the opposition, the government is engaged in reforms with full commitment." Modi mentioned that outdated laws related to shipping, ports, and sports have been replaced with modern frameworks to support port-led development, expand the blue economy, and build a robust sports ecosystem through a new National Sports Policy.
PM Modi also highlighted improvements in India's banking sector, low inflation, and strong foreign exchange reserves, which collectively strengthen the country's economic resilience. He cited recent data showing the addition of 2.2 million formal jobs in June 2025, the highest ever for any month, and noted that India's credit rating was upgraded by S&P after nearly two decades.
The Prime Minister reflected on India's technological progress, stating, "We are moving rapidly towards Made-in-India 6G," and expressed optimism about India's future in space exploration, mentioning reforms in the space sector and the rise of over 300 space startups since 2014.
This announcement was made during a period of legislative disruptions in the Monsoon Session, but PM Modi reaffirmed the government's dedication to economic and social transformation through sustained reforms.
Sources: Business Today (2025-08-23), Times Now (2025-08-23), Etemaad (2025-08-24)
Explore more exclusive insights at nextfin.ai.
