During the Independence Day address on Monday, 15 August, Indian Prime Minister Narendra Modi said India has a goal of becoming a developed nation within 25 years as long as the right policies to support domestic production in power, defence and digital technology are in place.
Modi urged the youth to "aim big" and give their best years for the country's goal, while addressing the nation from the Red Fort in New Delhi, which was built in the 17th century.
At present the World Bank categorises India as a lower-middle income economy which is designated for countries that have a gross national income per capita of between $1,086 and $4,255, as per reports by Reuters.
On the other hand, developed nations such as the United States have a per capita GNP of $13,205 or higher.
"It's a big resolution, and we should work towards it with all our might."Narendra Modi, Prime Minister of India
India is currently the world's sixth-largest economy and is expected to grow at over seven percent in the fiscal year ending in March 2023, which would be the fastest rate compared to other major economies.
Even though India's economy might expand to become the world's third-largest by 2050 and rank after the United States and China, the per capita income which is at around $2,100 could remain lower when compared to many countries.
India is still expected to surpass China as the world's most populous country in 2023 with about 1.4 billion people.
Nations such as the United States already view India as a future contender to China's dominance in the economy of Asia and beyond.
US President Joe Biden congratulated India on its 76th Independence Day and added that the United States and India were "indispensable partners".
He added that both the countries would continue working together in order to address global challenges.
(With inputs from Reuters, Associated Press)
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