Year Ender Recap 2023: PM Modi envisions Indian economy in global top three, achievable?

Prime Minister Narendra Modi expressed his vision for India's economic future. He confidently stated that during his third term, India would emerge as one of the top three economies globally. Currently holding the fifth position behind the US, China, Germany, and Japan, Modi highlighted the significant progress made since his government took office in 2014 when India was ranked tenth.

During his speech, the Prime Minister emphasized the transformative journey India has undergone, with ₹34 trillion invested in infrastructure development over the past nine years. He reiterated his commitment to achieving the goal of making India a developed nation within the next 25 years. Modi unveiled the world-class convention center within the IECC complex, renaming it Bharat Mandapam, which will host the G20 summit in September under India’s presidency. He believes this event will showcase India's rising global stature.

Furthermore, PM Modi underscored the potential to eradicate poverty in India, referencing a NITI Aayog report. He pledged to prioritize the principle of "nation first, citizen first" in the pursuit of India's development. The IECC complex, now India’s largest MICE (meetings, incentives, conferences, and exhibitions) destination, boasts world-class facilities, including convention centers, exhibition halls, and amphitheatres.

Highlighting the ongoing revolution in rebuilding, Modi revealed that ₹34 trillion had been spent on infrastructure creation in the last nine years, with a continued capital expenditure of ₹10 trillion in the current year. He pointed out significant achievements in the railway sector, such as the electrification of 40,000 km of railway lines within the past nine years, surpassing the progress made in the seven decades before that, which only saw 20,000 km electrified.