New Delhi, Aug 23, 2025 – PM Modi on Saturday reaffirmed India’s status as the world’s fastest growing major economy and pledged a new wave of transformational reforms to accelerate growth. Addressing an event in the national capital, Modi declared that India is on track to soon become the world’s third largest economy and is capable of driving global growth at a time when many countries are grappling with economic slowdown.
India a ray of hope
Prime Minister Modi emphasised that India’s resilience, strength and commitment to reforms make it a ray of hope for the global economy. “Our government is infusing new energy in India’s space sector. We are moving ahead with the goal of a big leap, not just gradual change,” he said. He underlined his government’s ambition to take bold initiatives rather than being satisfied with gradual progress.
According to the Prime Minister, the reforms being initiated are neither driven by any crisis nor by any compulsion. Rather, these are part of the broader vision of building a self-reliant and developed India (Vikas Bharat).
Simplification of GST by Diwali
One of the major announcements made during the event was that Modi assured that the Goods and Services Tax (GST) reforms are in progress and will be completed by Diwali 2025. These changes are aimed at simplifying the tax structure, reducing compliance burden and reducing prices, which will ultimately benefit both businesses and consumers.
Emphasizing the government’s proactive approach towards reforms, Modi said, “We are not among those who sit on the banks of a stagnant river and throw pebbles in it. We are those who change the course of rivers.”
Strengthening self-reliance and innovation
The Prime Minister also linked the vision of a developed India to the foundation of Aatmanirbhar Bharat. He mentioned key initiatives like One Nation, One Subscription, which provides students and researchers easy access to global research journals, thereby promoting innovation and academic growth.
Driven by the mantra of “Reform, Perform and Transform”, Modi reiterated that India is uniquely positioned to determine the direction of global economic growth, even amid uncertainties like the ongoing tariff war with major economies like the United States.
India’s Global Responsibility
The Prime Minister concluded, “India has the ability to adapt to the times. We are committed to big reforms, not small changes. With the resilience, determination and collective energy of 1.4 billion people, India is today ready to lead the world out of slow growth.”