The world is eager to invest in India, these policies will help it become a developed nation by 2047

PM Modi News: Prime Minister Narendra Modi on Thursday underlined his government's commitment to reforms, saying it was not out of compulsion but a result of a deep conviction to boost economic growth. He said the world is now looking to invest in India. Addressing the nation from the ramparts of the Red Fort on India's 78th Independence Day, he referred to reforms in the banking sector. He said entrepreneurs and businesses got easy access to credit. He referred to reforms in skill development and manufacturing, and said India has gone from being an importer of mobile phones to an exporter. These policies, along with policies for socio-political development, will help India become a developed nation by 2047.

Developed India by 2047 is not just a slogan

Modi said, "Developed India by 2047 is not just a slogan. There is hard work behind this.'' He expressed his commitment to continue the reform process, saying it has opened doors to one sector after another, eased regulation, made loans easier and reduced administrative interference. He said this path has been chosen to meet the aspirations of the youth. Modi said, "I want to assure that our commitment to reforms is not limited to getting good editorials in economic newspapers. This commitment is not for getting praise in the short term."

Our reforms are not due to any compulsion

Making a clear comparison with the crisis that triggered the economic reforms of 1991, he said, "Our reforms are not due to any compulsion. Reforms are to strengthen India and its economy. Reforms are our blueprint for growth." Prime Minister Modi said, "We are not doing anything due to political compulsion or any political calculation. Our commitment is nation first and national interest is paramount." Listing some of the reforms that have changed the economic landscape in the last 10 years, the Prime Minister said the banking sector has been overhauled, making it more robust, thereby strengthening the formal economy as well as meeting the banking needs of the poor and the middle class.

End of 'Mai-Baap' Culture

Strengthening the banking sector has helped increase the availability of easy credit for everything from buying vehicles to starting startups and pursuing education. He said this has helped everyone from cattle herders to roadside vendors, small and medium businesses and entrepreneurs. Modi said the reforms also mean the end of the 'Mai-Baap' culture, where the government behaved like a master and citizens always suspected them of everything. He said, "Today the government itself goes to the beneficiaries, provides LPG connections to the houses, provides water, electricity and financial assistance."

Electrification has been provided to 18,000 villages which were not electrified

He said the government is committed to "big reforms" that will accelerate growth and progress. However, he did not elaborate. The Prime Minister described it as a "golden age" for the country, which is opening up new avenues of employment. On the promises made in his speeches from the Red Fort, Modi said that 18,000 villages which were not electrified have been electrified, more than 2.5 crore Indians have been given electricity connections and 12 crore families have been provided with tap water. He said the opening up of the space sector has enabled startups to launch private satellites and rockets. He said, "Today I can say that when the policy is right, the intention is right and the welfare of the nation is supreme, then certain results can be achieved." Prime Minister Modi said, "States should change policies as needed to attract investors." He reiterated the government's commitment to achieve 500 gigawatts of non-fossil fuel energy capacity by 2030 as well as make India a hub for green hydrogen manufacturing. He said that this will not only help in meeting climate goals but will also create green jobs.