Prime Minister Narendra Modi greets the nation at the Red Fort on Independence Day in New Delhi, India on August 15, 2022, after addressing the nation at the 17th century Red Fort on Independence Day. INDIA will aim to become a developed nation within 25 years, Prime Minister Narendra Modi said in a national day address on Monday, with policies to support domestic production in power, defense and digital technology.
In the 17th century Red Fort in Delhi as India celebrates its 75th year of independence from British colonial rule, Modi exhorted youth to aim big and give their best years for the cause of the country.
In the next 25 years, India must become a developed country, said 71 year-old Modi, wearing a turban in the colors of the Indian flag, in his 75 minute speech in Hindi.
It's a big resolution, and we should work towards it with all our might. The World Bank currently categorizes India as a lower middle income economy - meant for countries with a gross national income per capita of between US $1,086 and US $4,255. The United States, like high income countries, have a per capita income of US $13,205 or more.
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India is the world's sixth-largest economy and is expected to grow at over 7 percent in the current fiscal year ending March 2023 - the fastest among major economies.
According to many experts, India's economy could become the world's third-largest by the year 2050 after the United States and China, although per capita income, currently around US $2,100, may remain low compared to many countries.
India is expected to surpass China as the world's most populous country next year, with about 1.4 billion people.
Countries like the United States see India as a future challenger to China's dominating influence in Asia and beyond. The US President Joe Biden congratulated India on Sunday and said that the United States and India were indispensable partners that would continue to work together to address global challenges in the years ahead.
India's neighbor Pakistan, which was part of British India and became independent at the same time, celebrated its independence day on Sunday.