In his speech on the 75th anniversary of his country’s separation from the British Empire, Indian Prime Minister Narendra Modi said that they aim to become a developed nation in 25 years with policies that will support domestic production in energy, defense and digital technology.
Speaking at the 17th-century Red Fort in New Delhi, Modi encouraged young people to “set big goals” and “dedicate their most productive years” to their country.
It was noteworthy that the 71-year-old Prime Minister, who made a 75-minute speech on the occasion of his 75th anniversary, tied a turban bearing the colors of the country’s flag on his head.
The World Bank classifies India as a lower-middle-income economy. In the classification consisting of four levels, the country; It is in the third level, which includes countries with a per capita gross national product ranging from 1,086 to 4,255 dollars.
7% annual growth
As the sixth largest economy in the world, India is also among the fastest growing economies. The country’s growth rate is expected to reach 7 percent in the one-year timeframe ending in March 2023.
Many experts say the Indian economy could become the world’s third largest economy by 2050, after the United States and China, but per capita income, currently around $2,100, may remain low compared to many countries.
With a population of around 1.4 billion, India is expected to overtake China next year to become the world’s most populous country.
Countries like the United States already see India as a competitor to China’s dominant influence in Asia and beyond. US President Joe Biden celebrated India’s national day on Sunday and said the US and India are “indispensable partners” who will continue to work together to tackle global challenges in the years ahead.