Developed India by 2047 1st Pran: Narendra Modi

75 Years Of Progress

- With Rs2.7-trn GDP, India in 1947 classified as Third World country

- Now, with $2.7trn GDP, India 6th largest economy in world

- Moving from developing nation to developed country status

- Focus on economic growth, standard of living, higher per capita income 

New Delhi: Prime Minister Narendra Modi on Monday set an ambitious target of making India a developed nation by 2047 and made a renewed pitch for cutting import dependence and boosting domestic manufacturing.

Addressing the nation from the ramparts of the Red Fort on the 76th Independence Day, Modi coined 'Panch Pran' or five resolves for the nation when it celebrates its 100th year of independence in 2047. The first of them is to make India a developed nation.

"For the next 25 years, we need to focus on the 'Panch Pran'. The first is making India a developed country," he said. Other four resolves include removing any trace of the colonial mindset; taking pride in our legacy; our strength of unity; and fulfilling the duties of citizens with honesty.

India, which is the world's sixth largest economy with a GDP of $2.7 trillion, is currently classified as a developing nation. A developed country is typically characterised by a relatively high level of economic growth, a general standard of living, and higher per capita income as well as performing well on the Human Development Index (HDI) that includes education, literacy and health. India was classified as a 'third-world' country at the time of Independence from British rule in 1947.

But over the past seven decades, its GDP has grown from just Rs 2.7 lakh crore to Rs 150 lakh crore. The nation weathered many crises to be ranked among the biggest economies of the world and the fastest growing major economy on the planet.

In his address, the Prime Minister rooted for a self-sufficient nation not just in manufacturing all it needs but also in energy. While the country is addressing energy security by increasing focus on renewable sources, biofuels and hydrogen, it is promoting domestic manufacturing through schemes such as PLI that provides Rs 1 lakh crore of incentives to local production units. "Through the PLI schemes, we are becoming the manufacturing powerhouse of the world. People are coming to India to Make-in-India," he said.

India imports 85 per cent of its oil needs and half of its natural gas requirements. These imports are being sought to be cut by mixing ethanol extracted from sugarcane and other agri commodities as well as producing hydrogen, he said.

"There are multiple employment opportunities opened with the creation of Green Jobs," he said referring to job creation by the clean energy sector. Also, rapid technological advancement has helped in digital India.