India has become the world's fastest growing major economy in the last 12 years, Prime Minister Narendra Modi said on Saturday during his Independence Day address at the Red Fort, according to Business-Today. Speaking at the 80th Independence Day celebrations, Modi said the achievement came despite India's earlier ranking among the 'Fragile Five' economies. The address marked Modi's 13th consecutive Independence Day speech, the report noted.
From 'Fragile Five' to fastest growing major economy
"People's efforts have resulted in taking India from fragile five to major economy in the last 12 years," Modi said during the speech, according to Business-Today. The report did not include specific GDP figures, growth rates, or a definition of the 'Fragile Five' grouping.
Business-Today described the remark as part of Modi's broader economic narrative, linking India's growth trajectory to the government's policy direction since he took office. The report also noted that India achieved this status despite having been ranked among the 'Fragile Five' only a few years ago.
The 2047 developed nation vision
Modi tied the economic gains to a longer-term goal of transforming India into a developed nation by 2047. "The world will be forced to look at India differently when the most populous country becomes a developed nation," he said.
"India is dreaming big to touch new heights, we will make sure the country becomes developed by 2047," he added.
Business-Today's account did not detail any new economic policies, sectoral incentives, or regulatory changes tied to the 2047 target.
'Vande Mataram' performed for the first time at Red Fort
The Independence Day ceremony introduced a notable first, according to Business-Today. For the first time in the history of India's Independence Day celebrations, 'Vande Mataram' was performed at the Red Fort during the 79th anniversary of Independence on August 15, followed by the rendition of the national anthem. The ceremony marked 150 years of the enduring legacy of 'Vande Mataram'.
Reflecting the theme, floral arrangements on the Red Fort's ramparts featured the national flag at the centre, with the words 'Vande Mataram' displayed in Hindi on either side, the report said.
Modi's post on X: 'Powered by 140 crore Indians'
Earlier on Saturday, Modi greeted the nation on Independence Day and paid homage to the country's freedom fighters, acknowledging their courage and sacrifices in securing India's freedom from colonial rule, according to Business-Today.
In a post on X, the Prime Minister wrote: "Warm greetings on the occasion of Independence Day. We remember with gratitude the countless freedom fighters whose courage, sacrifice and unwavering commitment ensured the end of colonial rule. Their dreams continue to inspire us as we work together to build a Viksit Bharat. Powered by 140 crore Indians, our nation is scaling new heights of progress across different sectors. May this journey keep progressing at an even greater pace in the times to come."
Key facts from the Independence Day address
| Aspect | Detail |
|---|---|
| Economic claim | India has become the world's fastest growing major economy in the last 12 years |
| Prior status | Ranked among 'Fragile Five' a few years ago |
| Development target | Achieve developed nation status by 2047 |
| Celebrations | 80th Independence Day at Red Fort; Modi's 13th consecutive address |
| 'Vande Mataram' | Performed for the first time at Red Fort during the 79th anniversary of Independence; 150 years of the song's legacy |
| Floral display | National flag at centre with 'Vande Mataram' in Hindi on either side |
| X post | Nation "powered by 140 crore Indians" scaling new heights of progress |
For the business audience, the speech offered a macro-level growth narrative rather than concrete economic data or policy announcements. Business-Today's report of the address contained no company-specific references, market updates, or fiscal figures. Investors and analysts tracking India's economy will have to look to forthcoming government data releases and budget documents for the quantifiable evidence behind the Prime Minister's declaration of India's standing as the fastest growing major economy.
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