India is “filled with a new belief” following the economic landmarks that it has achieved over the past decade, Prime Minister Narendra Modi has told a business event in New Delhi.
Modi began his third term as prime minister in June after his right-wing Bharatiya Janata Party (BJP) and its allies secured a majority in the Lok Sabha, the lower house of parliament. Modi first became prime minister in 2014.
“India is writing a different success story today,” he said, as quoted by the Economic Times, adding that sustained growth would continue. While the global economy grew by 35% over the past decade, India;s economy surged by 90%, he noted.
The fifth-largest economy in the world with a gross domestic product (GDP) of $3.94 trillion in 2024, India is also the fastest growing. By the end of this decade, the country is expected to become the third-largest economy with an annual GDP of $7 trillion.
“India’s progress is becoming part of global headlines,” Modi said, adding that “although statistics have their own importance, it is equally relevant to see how many lives have been transformed.”
He said 250 million people in the country had been lifted out of poverty over the past decade. He credited his government’s “widespread digital payments” and “improved connectivity” for this achievement. People who were once poor are now looking forward to a bright future, he said.
“The poor didn’t have bank accounts, basic facilities in this situation, we empowered them,” he added. “People who are moving out of poverty have a strong desire for progress and their aspirations have led to the development of new infrastructure.”
Modi also cited his government’s focus on improving infrastructure and manufacturing capabilities, as well as green initiatives, claiming that environmental progress would be a “pillar” of India’s growth story. Last year, New Delhi introduced its Green Hydrogen Initiative, which aims to establish India as a global hub for green hydrogen production, usage, and exports. “India has decided to produce 5 million tons of green energy capacity by 2030,” Modi said, referring to the green hydrogen project. By 2070, India has set a target to become carbon neutral and achieve net-zero emissions.