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Prime Minister Narendra Modi has said that guided by the mantra of reform, perform, and transform, India is in a position to help lift the world out of slow growth.
Addressing a World Leaders Forum in New Delhi, he said, India will soon become the world’s third-largest major economy, and is on the way to becoming a developed nation by 2047.
PM Modi said, the next-generation GST reform process, which seeks to make the law simpler, will be completed before Diwali and bring down prices.
Prime Minister also called upon private sector to increase investment in research and development in sectors like clean energy, quantum technology, battery storage, advanced materials and biotechnology.
This will strengthen the resolve of a developed India, he said. Prime Minister said, government is going to bring a comprehensive new set of reforms.
With this arsenal of next-generation reforms, manufacturing in India will increase, market demand will rise, the industry will receive a new boost, new employment opportunities will be created, and both Ease of Living and Ease of Doing Business will improve, he pointed out.
Regarding the fundamentals of the economy, Mr Modi said Indian companies are raising record funds from the capital markets, banks are stronger than ever before, inflation is very low, and interest rates are also low.
Prime Minister said, current account deficit is under control, forex reserves are also robust, and every month lakhs of domestic investors are investing thousands of crores of rupees in the market through SIPs.
He said, India is working with full force toward its goal of becoming a developed nation by 2047, and the basis of a developed India is a self-reliant India.
PM Modi also pointed out that the country needs to focus on three parameters for a self-reliant India — speed, scale, and scope. He said India developed its entire 5G stack domestically and is now rapidly working on Made-in-India 6G technology.