Prime Minister Narendra Modi, addressing the Economic Times World Leaders Forum, projected India’s growing role in the global economy, declaring that the country is poised to help lift the world out of the current phase of slow growth. Guided by the mantra of “reform, perform, and transform,” the Prime Minister emphasized that reforms are not a matter of compulsion but conviction. His remarks underline India’s vision of sustainable, inclusive, and innovation-driven growth, setting the stage for India’s rise as a global economic powerhouse.

GST Reforms and Economic Simplification

One of the key announcements in his address was the commitment to implement the next-generation Goods and Services Tax (GST) reforms before Diwali 2025. These reforms are aimed at simplifying tax laws, thereby reducing compliance burdens for businesses and individuals. According to the Prime Minister, such reforms will not only reduce prices for consumers but also stimulate manufacturing, generate employment opportunities, and enhance demand across sectors. By streamlining India’s tax framework, the government seeks to improve both the Ease of Living for citizens and the Ease of Doing Business for enterprises.

This step is especially important as India aims to emerge as a manufacturing hub, capable of serving both domestic and international demand. Lowering barriers, boosting competitiveness, and encouraging new investments will place India firmly on track towards its Vision 2047 of becoming a developed nation.

Call for Private Sector Investment in Innovation

In his speech, Prime Minister Modi urged the private sector to step up investments in research and development (R&D), particularly in areas such as clean energy, biotechnology, advanced materials, battery storage, and quantum technology. These are identified as sunrise sectors that will not only accelerate India’s growth but also support global transitions in energy, technology, and sustainability.

He stressed that India’s long-term competitiveness depends on its ability to innovate and adopt cutting-edge technologies. By prioritizing clean energy solutions, the country can simultaneously drive economic progress and address climate concerns. Similarly, investments in biotechnology and quantum technology are expected to bolster India’s position as a leader in scientific advancement.

Macroeconomic Stability as a Strength

Highlighting the country’s strong fundamentals, Prime Minister Modi pointed to a decade of macroeconomic stability as the backbone of India’s economic success story. Key indicators reflect this stability:

• The fiscal deficit is projected to fall to 4.40%, indicating strong fiscal discipline.

• Banks are healthier with improved balance sheets and reduced non-performing assets.

• Inflation and interest rates remain low, ensuring affordability and access to credit.

• The current account deficit is under control, minimizing external vulnerabilities.

• Foreign exchange reserves remain robust, providing a buffer against global uncertainties.

He also noted that domestic investors continue to show faith in the Indian economy, with consistent inflows into the market through systematic investment plans (SIPs). This growing base of domestic investment has added resilience to India’s financial system, reducing dependence on volatile foreign capital.

India’s Transformation: From “Missing the Bus” to Driving It

The Prime Minister remarked that India has transitioned from an era of “missing the bus” in global opportunities to now being in the driver’s seat. This transformation has been made possible due to a mix of policy reforms, infrastructural development, and innovation-led strategies.

Among the country’s achievements, he highlighted:

• Development of an indigenous 5G technology stack, enabling India to lead in digital infrastructure.

• Advancing towards Made-in-India 6G technology, setting the stage for the future of communication.

• Automobile exports growing from ₹50,000 crore (US$ 5.72 billion) in 2014 to ₹1.2 lakh crore (US$ 13.72 billion) today.

• Commencement of exports in metro coaches, rail coaches, and locomotives to other countries.

• Plans to export electric vehicles (EVs) to 100 countries, with a milestone event scheduled for August 26, 2025.

These achievements highlight India’s growing capability to not only meet domestic needs but also to become a reliable global supplier of advanced products and technologies.

Contribution to Global Growth

India is currently the world’s fastest-growing major economy and is expected to soon become the third-largest economy. According to Prime Minister Modi, India contributes nearly 20% of global growth, underscoring the country’s central role in the international economic landscape.

This contribution is not just quantitative but also qualitative, as India’s growth is increasingly being driven by sustainable practices, technological innovation, and inclusivity. With reforms aimed at strengthening institutional frameworks and boosting competitiveness, India is positioning itself as a reliable driver of global growth in the years ahead.

Vision for 2047

Looking forward, Prime Minister Modi reiterated his vision of transforming India into a developed nation by 2047, when the country celebrates 100 years of independence. This ambitious goal will require speed, scale, and scope—three pillars he identified as essential for achieving self-reliance and global leadership.

By investing in innovation, ensuring macroeconomic stability, and focusing on sustainable growth, India aims not only to lift its own citizens but also to contribute significantly to the world economy.

The Upcoming IPOs in this week and coming weeks are Abril Paper Tech, Sneha Organics, Sugs Lloyd, Anlon Healthcare, NIS Management, Sattva Engineering Construction, Globtier Infotech, Current Infraprojects, Vikran Engineering.

The Current active IPO are Shivashrit Foods, Anondita Medicare, Classic Electrodes (India), ARC Insulation & Insulators, Mangal Electrical Industries, .

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