New Delhi: Speaking at the Economic Times World Leaders Forum on August 23, 2025, Prime Minister Narendra Modi declared that “India, guided by the mantra of Reform, Perform, Transform, is now in a position to help lift the world out of slow growth.” He asserted that India has become the world’s fastest-growing major economy and is on track to become the third-largest economy globally. Experts foresee India’s share in global economic growth reaching approximately 20 percent in the coming years.

Like a rising current redirecting stagnation, Modi claimed, India not only rides the wave of resilience and strength but also carries the power to “bend the course of time.”

Macroeconomic foundations portrayed as robust

Modi attributed this economic momentum to a decade of macroeconomic stability, pointing to several indicators:

  • An expected fall in the fiscal deficit to 4.4 percent

  • Stronger banks and booming capital markets

  • Record capital-raising activity and robust investor appetite through SIPs

  • Retail inflation at its lowest level since 2017

  • All-time high foreign exchange reserves

    • He also highlighted formal employment gains, noting that 22 lakh (2.2 million) jobs were added to the EPFO database in June 2025—the highest single-month tally ever recorded.

    Ambitious reforms and R&D push

    Modi appealed to the private sector to ramp up investments in research and development, especially in clean energy, battery storage, advanced materials, quantum technologies, and biotechnology, calling research the backbone of India’s progress.

    He also reaffirmed that a “next-generation” GST reform, aimed at simplifying the tax structure, would be completed by Diwali, bringing down prices and further aiding economic growth.

    Vision for the future: From development to self-reliance

    Modi emphasized that reforms under his leadership are driven not by crisis but by commitment and conviction. Drawing a contrast with past missed opportunities—such as those during the advent of 2G and 4G technologies—he said those days are behind India, asserting a new era where India seizes the moment.

    He reiterated the vision for developed-nation status by 2047, built on a self-reliant foundation—Aatmanirbhar Bharat—and backed by the ability to steer economic currents globally.

    Key quotes at a glance

    • “India, guided by the mantra of Reform, Perform, Transform, is in a position to help lift the world out of slow growth.”

  • “India is the fastest-growing major economy and will soon be the world’s third-largest.”

  • “Experts suggest India’s contribution to global growth will be around 20 percent.”

  • “Reforms are a matter of commitment and conviction, not crisis-driven.”

  • “Next-generation GST reform will be completed by Diwali.”

  • “In June alone, 22 lakh formal jobs added—highest ever.”