India will be a developed nation by 2047, its economic growth ‘natural by-product’ of 9 years of stability – PM Modi

Prime Minister Narendra Modi has said that India’s economic growth is a “natural by-product” of his nine-year-old government’s political stability, as he expressed optimism that it will be a developed nation by 2047 with “corruption, casteism and communalism” having no place in our national life.

In an exclusive interview with PTI late last week, the prime minister also stressed on the need for timely and clear communication of policy stance by central banks, and policy actions by each country in their fight against inflation so that it can prevent negative repercussions on others countries.

While most advanced economies are facing an economic slowdown, chronic shortages, high inflation, and ageing populations, the Indian economy is acknowledged to be the fastest-growing large economy with the largest youth population.

“For a long time in world history, India was one of the top economies of the world. Later, due to the impact of colonisation of various kinds, our global footprint was reduced,” he said.

“But now, India is again on the rise. The speed with which we jumped five spots, from the 10th largest economy to the fifth largest in less than a decade has conveyed the fact that India means business,” he noted.

Adding a fourth ‘D’ – development – to the 3Ds of democracy, demography and diversity, he said the period till 2047 is one of huge opportunity and “Indians who are living in this era have a great chance to lay a foundation for growth that will be remembered for the next thousand years.” India’s USD 3.39 trillion GDP overtook that of the UK in the fiscal year ending March 31, 2022, making it the fifth-largest economy in the world behind the US, China, Japan and Germany.

(PTI)