Vibrant Gujarat Summit 2024: India will be 3rd biggest economy soon, vows PM Modi

Prime Minister Narendra Modi, who inaugurated the 10th edition of Vibrant Gujarat Global Summit 2024 at Gandhinagar today, reiterated the pledge to make India ‘viksit (developed nation)’ by 2047, making the next 25 years ‘Amrit Kaal’ of the country.

Noting the significance of the first Vibrant Gujarat Summit 2024 of the ‘Amrit Kaal’, PM Modi says India is moving forward in the role of a ‘Vishwa Mitra’ in a fast-changing world. "The world looks at India as an important pillar of stability. A friend who can be trusted, a partner who believes in people-centric development, a voice that believes in global good, an engine of growth in the global economy, a technology hub for finding solutions, a powerhouse of talented youth and a democracy that delivers,” he says.

He says India is the 5th largest economy in the world, while it lagged at 11th position 10 years ago. He says in the next few years, India will go on to become one of the top 3 economies in the world, as predicted by various rating agencies in the world. “Experts can analyse this, but I guarantee that India will become the 3rd largest economy in the world,” PM Modi says.

As India's priorities, the PM Modi says progress in sustainable industries, manufacturing and infrastructure, new-age skills, futuristic technologies, AI and innovation, green hydrogen, renewable energy, and semiconductors will define the future of the country.

Speaking on the government’s focus on structural reforms, he says initiatives like recapitalisation, IBC, abolition of about 40,000 compliances, GST, and the recent signing of 3 FTAs, including one with UAE, have made the economy stronger.

He says strides in green and alternative sources of energy, 3 times increase in renewable energy capacity, 20 times capacity in solar energy capacity, affordable data prices have led to digital inclusion, optical fibre to every village, roll out of 5G, third largest startup ecosystem with 1.15 lakh registered startups.

Finance Minister Nirmala Sitharaman, attending the Vibrant Gujarat Global Summit 2024 in Gandhinagar, released the vision document 'Viksit Gujarat @ 2047'.

The FM says since 2014, the approach between states and centres has been of cooperative federalism, competitive federalism, and collaborative federalism. "...today you find states competing with one another to see who is going to contribute how much towards building a developed India in 2047."

The FM says the "Viksit Bharat" agenda is a comprehensive vision plan being developed by the government. "The 21st century will be our century is one thing. But even by 2027, 2028, we surely will be able to reach the third largest economy."

Notably, the Vibrant Gujarat Global Summit was conceptualised in 2003 under then chief minister Narendra Modi. The 10th edition of the Vibrant Gujarat Global Summit is being held from 10 to 12 January 2024 in Gandhinagar. There are 34 partner countries and 16 partner organisations for this year’s summit.