Semiconductors, green jobs to space startups: 10 things PM Modi said on India's economy in Independence Day speech

Prime Minister Narendra Modi delivered his 11th consecutive Independence Day speech from the ramparts of the Red Fort on Thursday, August 15. A major portion of the speech was centred around the economic initiatives undertaken by his government, and the path to be adopted for the coming period.

PM Modi stressed that the "path of reforms" will continue as part of the mission to make India a "developed nation" by 2047 – the year that will mark 100 years of Independence from the colonial British rule.

During his speech, Modi also shed light on the government's focus on new-age technologies like semiconductors and artificial intelligence, and also pointed out that the push for achieving climate-related goals will create scores of "green jobs".

Here are 10 things the prime minister said on India's economy:

Space sector vibrant, attracting startups

"The space sector is an important aspect. We have done many reforms in this sector. Today, many startups are entering this sector. Space sector which is becoming vibrant is an essential element towards making India a powerful nation. We are focusing and giving strength to this sector with a long-term idea," PM Modi said.

India's banking sector strong, supporting formal economy

India's banking sector is shining with a strong performance, and this in turn is strengthening the country's formal economy, the prime minister said. A strong banking sector means abundant availability of loans to all the sections of the country's population, including youth, farmers and entrepreneurs, he added.

This is India's 'golden period'

The present era is a "golden period" for the country, PM Modi said, claiming that all sectors of the economy are moving ahead in an accelerated pace. With the efforts of all, the country is headed towards becoming a "developed nation" by 2047, he reiterated.

'Our path of reforms is blueprint for growth'

"I would like to assure the countrymen, our commitment to reforms is not limited to pink paper editorials. Our commitment to reforms is not for a few days of appreciation. Our reform procedure is not under any compulsions, it is with the intention of strengthening the country. That is why, I can say that our path of reforms is the blueprint for growth in a way," PM Modi said.

India can achieve 'Viksit Bharat' mission by 2047

Similar to how 40 crore Indians in the pre-Independence era united to achieve freedom, 140 crore Indians can unite to achieve the mission to become 'Viksit Bharat' or developed India by 2047, Prime Minister Narendra Modi said during his speech.

'Ease of living' mission

All levels of the government, right from the panchayat level to the Centre, should work with the mission to bring "ease of living" for the common citizens, PM Modi said. "The middle class gives a lot to nation and expects a certain quality of life. It will be our endeavour to ensure minimum government interference and improving ease of living," he added.

Semiconductors in focus, India can provide end-to-end solution

Artificial intelligence and semiconductors are in focus, and India has the capability to provide end-to-end solution for the world, PM Modi said. He also pointed out that India was quick to rollout 5G internet services, and has begun preparing for 6G now.

75,000 new medical seats in next five years

Over the next five years, 75,000 new seats in medical education will be created, the prime minister announced. He pointed out that approximately 25,000 students each year move abroad to pursue medical education.

Focus on climate goals will create green jobs

The focus to achieve the climate-related targets will create scores of "green jobs", the prime minister said. India is the only country among the G20 which is successfully achieving the climate targets, Modi added.

States must attract investments

"Today, many big companies and investors of the world want to invest in India. This is a golden opportunity. I urge the state governments to make clear policies to attract investors and give assurance of good governance and law and order situation to them. There should be competition between states to attract maximum investors. Their policies should change or mold as per global requirements," PM Modi said.