Is India Really the Fastest-Growing Major Economy in the World?
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Synopsis
On August 10, PM Modi took a stand against Trump's 'dead economy' comment, emphasizing India's rapid economic growth and digital revolution. He outlined significant achievements and urged tech companies to prioritize local needs. Discover how India is positioning itself as a leader in technology and manufacturing in this insightful article.
Key Takeaways
- India's economy has risen to the fifth position globally.
- Exports have significantly increased, particularly in electronics and automobiles.
- Bengaluru is pivotal in India's tech and export growth.
- The government promotes a self-reliant economy through 'Atmanirbhar Bharat.'
- Digitalization is reaching rural areas, enhancing government access.
Bengaluru, Aug 10 (NationPress) In response to US President Donald Trump's recent remark labeling India as a dead economy, Prime Minister Narendra Modi confidently proclaimed that India is the fastest-growing major economy in the globe.
Speaking at the International Institute of Information Technology Auditorium in Bengaluru after laying the foundation stone for the Metro Phase-3 project, he stated, "In the last 11 years, our economy has surged from the 10th to the 5th position, and we are on track to become the third-largest economy."
Modi elaborated, "How have we achieved this remarkable speed? Through the spirit of reform, perform, and transform, driven by honesty and commitment."
He emphasized how economic growth is pivotal to the nation's progress, noting, "Before 2014, India's total exports were valued at $480 billion, and now they have soared to $850 billion. Once reliant on imports for mobile phones, we are now among the top five mobile handset exporters, with Bengaluru playing a crucial role."
"Our electronic exports have jumped from $6 billion to $38 billion since 2014, and automobile exports have doubled from $16 billion. India is now the fourth-largest automobile exporter, which bolsters our 'Atmanirbhar Bharat' vision," he remarked.
The Prime Minister underscored the significance of Digital India in shaping New India, stating, "Our nation is advancing towards global AI leadership and is making strides in the semiconductor sector. India is set to produce its own 'Made in India' chips and is a global benchmark for affordable, high-tech space missions, with technology at the forefront of empowering the underprivileged."
He noted that digitalization has reached rural areas, sharing, "More than 50% of the world’s real-time transactions occur in India through UPI. Technology is closing the gap between citizens and the government, with around 2,200 government services accessible via mobile phones through the 'Umang' app."
Modi urged tech companies to prioritize India's tech needs, stating, "We must shift from developing software for others to focusing on our domestic needs. Our next priority is 'Tech Atmanirbhar Bharat'. Indian tech firms have proven themselves globally, and now it's crucial to concentrate on manufacturing new products for our country."
He added, "In emerging sectors, we need to secure a leading position. Bengaluru and Karnataka should solidify their manufacturing presence in the 'Make in India' initiative. Our products must meet the 'zero defects, zero effect' standards, ensuring no flaws and no environmental damage. I believe Karnataka's talent will lead the 'Atmanirbhar Bharat' vision."
PM Modi reiterated, "The journey of New India is closely linked with Digital India, as we advance towards global AI leadership and the semiconductor industry. India will soon introduce its own 'Made in India' chip while setting a global standard in cost-effective, high-tech space missions. Our commitment to futuristic technology is centered around empowering the impoverished."
Point of View
It is essential to recognize that India's rapid economic growth and technological advancements are significant. The government's focus on reforms and digitalization is paving the way for a more robust economy. However, it's crucial to monitor sustainability and inclusivity in this growth trajectory.
NationPress
08/10/2025
Frequently Asked Questions
What did PM Modi say about India's economy?
PM Modi asserted that India is the fastest-growing major economy, countering President Trump's claim of a 'dead economy'.
How has India's export performance changed?
India's total exports have increased from $480 billion pre-2014 to $850 billion today, with significant growth in electronics and automobiles.
What is the significance of Bengaluru in India's economy?
Bengaluru plays a crucial role in India's export growth, especially in mobile handsets and technology sectors.
What is 'Atmanirbhar Bharat'?
'Atmanirbhar Bharat' is India's vision for self-reliance, focusing on boosting manufacturing and technological advancements within the country.
How is digitalization impacting rural India?
Digitalization is bridging the gap between citizens and the government, with services accessible through mobile technology, enhancing efficiency and convenience.
