Modi says India aims to become developed nation in 25 years
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, defence 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 Indian youth to give their best years for the cause of the country.
The World Bank currently categorizes India as a lower-middle income economy - meant for countries with a gross national income per capita of between $1,086 and $4,255. High-income countries, like the United States, have a per capita income of $13,205 or more.
India is the world's sixth-largest economy and is expected to grow at over 7% 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.
With about 1.4 billion people, India is expected to surpass China as the world's most populous country next year.