India on way to become world’s third-largest economy with big reforms: PM Modi

New Delhi, Aug 15: As 140 crore Indians collectively work towards creating a 'Viksit Bharat' by 2047, the country is on its way to become the third-largest economy with big reforms across sectors, Prime Minister Narendra Modi said on Thursday.

Addressing the nation from the ramparts of the Red Fort on the occasion of the 78th Independence Day, PM Modi said that if 40 crore Indians can bring freedom in 1947, more than 140 crore citizens can also help make the country ‘Viksit Bharat’ by 2047, when we celebrate the 100th year of Independence.

“We received feedback from millions of Indians on how to make the country a developed nation by 2047, and becoming the third-largest economy is one of those suggestions. We are committed to continue to bring big reforms which are the blueprint of our future growth,” the Prime Minister emphasised.

PM Modi mentioned reforms in the banking sector under the BJP-led NDA government in the past decade, which revived the sector once reeling with losses and high NPAs due to the phone-banking policy of UPA.

“Today, Indian banks are one of the strongest globally. For the growth of our micro, small and medium enterprises (MSMEs), banks have become a backbone,” said PM Modi.

The cumulative net profit of all banks for the first time crossed Rs 3 lakh crore in 2023-24.

PM Modi said that initiatives like ‘Vocal for Local’ and ‘One District One Product’ initiatives have become a success and we are now aiming to increase exports from small cities and towns.

“In the field of renewable energy, we have done more than what G20 nations have achieved. We aim to become self-reliant in energy. Fintech initiatives like UPI are now being adopted globally,” the Prime Minister told the gathering.

The government has set a target to install 500 GW (gigawatt) of renewable energy capacity by 2030, becoming self-reliant in the energy sector by 2047.

The country also needs more "greenfield cities" like Gujarat International Finance Tec-City (GIFT City), PM Modi mentioned.