New Delhi [India], August 23 : Noting that India is going to become world's third-largest economy very soon, Prime Minister Narendra Modi said on Saturday that experts are saying that India's contribution to the world's growth is going to be around 20% very soon and the reason behind the resilience in India's economy is the macroeconomic stability that has come to the country in the last decade.
Addressing the ET World Leaders Forum 2025, PM Modi spoke of India's strides in different fields, stating that the first Made in India chip will come to the market by the end of this year and work is being done rapidly on Made in India 6G.
He said India is the world's fastest-growing major economy.
"We are going to become the world's third-largest economy very soon. Experts are saying that India's contribution to the world's growth is going to be around 20% very soon. The reason behind this growth, this resilience that we are seeing in India's economy, is the macroeconomic stability that has come to India in the last decade. Today, our fiscal deficit is expected to come down to 4.4 per cent. And this is when we have faced such a big crisis of Covid. Today, our companies are raising record funds from the capital market," he said.
"Today, our banks are stronger than ever. Inflation is very low, interest rates are low. Today, our current account deficit is under control. Forex reserves are also very strong. Not only this, every month lakhs of domestic investors are investing thousands of crores of rupees in the market through SIP," he added.
PM Modi said semiconductor-related factories have started coming up in India.
"By the end of this year, the first Made in India chip will come in the market." "We are working rapidly on Made in India 6G. We all know that semiconductor manufacturing could have started in India 50-60 years ago, but India missed that too, and the same thing continued for many years to come. Today we have changed this situation. Semiconductor-related factories have started coming up in India. By the end of this year, the first Made in India chip will come in the market," he said.
Referring to the monsoon session which concluded earlier this week, PM Modi said the government has pursued reforms with commitment.
He also mentioned the bills passed during the session relating to the shipping sector and minning.
"The monsoon session of the Parliament has just ended. In this monsoon session, you will see the continuity of reform. Despite many disruptions created by the opposition, we have been engaged in reform with full commitment. In this monsoon session, Jan Vishwas Bill 2.0 has been passed. This is a major reform related to trust-based governance and pro-people governance. In this session, the income tax law has also been reformed. This law, which has been in existence for 60 years, has been made more simple now...In this monsoon session, many amendments have been made in the laws related to mining," he said.
"Laws related to shipping and ports have also been changed. These laws were also in place since the British era. The reforms that have been done now will promote port-led development in India's blue economy. Similarly, new reforms have been done in the sports sector as well. We are preparing India for big events. We are building the entire eco-system of sports economy, hence the government has also come up with a new National Sports Policy," he added.
PM Modi talked about the achievements of India's space sector.
"You will be happy to know that in the last 11 years, more than 60 space missions have been completed. There are many missions lined up. This year, we have also achieved the capability of space docking. This is a big achievement for our future missions. Now India is preparing to send its astronauts to space through the Gaganyaan mission, and in this, we are going to get a lot of help from the experience of Group Captain Shubhanshu Shukla," he said.
"We are not looking for incremental change. Rather, we are moving ahead with the goal of a quantum jump and reform is neither compulsion nor crisis-driven for us. This is our commitment, our conviction," he added.