Thu, 06 Oct 2022

NEW DELHI, India: During his national day address this week, Prime Minister Narendra
Modi said India will seek to become a developed nation within 25 years, by launching policies that will support the domestic power, defense and digital technology sectors.

Speaking at the country's celebration of its 75th year of independence from British colonial rule, Modi, 71, called upon Indian youth to "aim big" and give their best years to the country.

"We must turn India into a developed country in the next 25 years, in our lifetime. It is a big resolution, and we should work towards it with all our might," Modi said in his speech.

India is currently categorized by the World Bank as a lower-middle income economy, meaning most people have a gross national income of between $1,086 and $4,255, while developed countries, such as the U.S. and the UK, have a per capita income of $13,205 or more.

With the world's sixth-largest economy, in the current fiscal year ending in March 2023, India's economy is expected to grow at over 7 percent, the fastest among major economies.

According to many experts, although the country's per capita income is currently around $2,100, it will probably remain low compared to many countries, its economy could become the world's third-largest by 2050, after the U.S. and China.

With some 1.4 billion people, India's population is expected to surpass China's in 2023.

Meanwhile, U.S. President Joe Biden congratulated India on its national day, stressing that the two countries were "indispensable partners," which would continue to work together to
address ongoing global challenges.

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