New Delhi: Prime Minister Narendra Modi has laid out an ambitious roadmap to transform India into a fully developed nation by 2047, the year the country will celebrate 100 years of Independence. In a recent interview with Press Trust of India (PTI), the Prime Minister spoke about free trade agreements, record government spending on infrastructure, support for small businesses, defense self-reliance, and India’s growing role in global supply chains.
The vision, often described as Viksit Bharat 2047, focuses on boosting economic growth, strengthening domestic industries, expanding exports, and creating long-term employment opportunities.
Free Trade Agreements with 38 Countries: Big Boost for Indian Exports
One of the key highlights of the Prime Minister’s interview was India’s expanding network of Free Trade Agreements (FTAs). According to Modi, India has signed or concluded trade agreements covering 38 countries. These agreements significantly reduce or eliminate tariffs on up to 99% of Indian exports to partner nations.
Countries and regions mentioned include the United Kingdom, the European Union, Australia, and the United Arab Emirates (UAE). By reducing tariffs, Indian goods become more competitive in foreign markets, which can help increase exports and attract global investors.
The Prime Minister said these trade agreements are already helping double trade volumes with nations like Australia and the UAE. Lower trade barriers also make it easier for Indian companies especially manufacturers and exporters to expand their global presence.
Experts believe that if implemented effectively, these agreements could benefit sectors such as textiles, pharmaceuticals, engineering goods, IT services, agriculture products, and electronics.
Record Rs 12.2 Lakh Crore Capital Expenditure in 2026-27 Budget
Another major point discussed in the interview was the Union Budget for 2026-27. Modi praised the government’s record capital expenditure of Rs 12.2 lakh crore, which is reportedly five times higher than the level in 2013.
Capital expenditure refers to government spending on long-term assets such as roads, railways, airports, ports, power plants, and digital infrastructure. Unlike routine expenses, this type of spending is meant to create lasting economic value.
The Prime Minister said the focus on infrastructure is critical for improving logistics, reducing transportation costs, increasing productivity, and attracting global companies to manufacture in India.
Economists often point out that higher capital expenditure has a multiplier effect. This means that government spending on infrastructure creates jobs, increases demand for raw materials like steel and cement, and boosts overall economic activity.
Seven New High-Speed Rail Corridors to Transform Connectivity
Infrastructure expansion remains at the heart of the 2047 vision. The Prime Minister mentioned plans for seven new high-speed rail corridors. These projects aim to connect major cities faster and improve regional connectivity.
High-speed rail networks can reduce travel time, support tourism, boost business travel, and strengthen economic ties between states. Improved connectivity also helps smaller cities grow by linking them with industrial and commercial hubs.
In addition to railways, the government has been investing heavily in highways, airports, inland waterways, and digital infrastructure. This integrated development approach aims to make India more competitive globally.
Strong Support for MSMEs Through Credit and GST Reforms
Micro, Small, and Medium Enterprises (MSMEs) play a vital role in India’s economy. They contribute significantly to employment and exports. In the interview, Modi highlighted credit guarantees and GST reforms as key steps to support small businesses.
Credit guarantee schemes help small enterprises access loans without heavy collateral requirements. This makes it easier for entrepreneurs to expand operations, invest in new technology, and hire more workers.
GST tweaks have also been introduced to simplify compliance and reduce tax burdens in certain sectors. The Prime Minister emphasized that strengthening MSMEs is essential for inclusive growth and rural development.
Focus on Defense Self-Reliance and Semiconductor Sector
The Prime Minister also underlined India’s push for defense self-reliance under the “Atmanirbhar Bharat” initiative. Over the past few years, India has increased domestic defense production and exports.
Reducing dependence on imported defense equipment not only strengthens national security but also creates a domestic manufacturing ecosystem. The government has encouraged private sector participation in defense production and research.
Another emerging focus area is the semiconductor industry. With global supply chain disruptions in recent years, countries across the world are investing in semiconductor manufacturing. India aims to become a reliable hub for chip production and electronics manufacturing.
The government has introduced incentives to attract global semiconductor companies and boost local manufacturing capacity. If successful, this sector could generate high-skilled jobs and strengthen India’s technology ecosystem.
BJP Calls It a Clear Roadmap for Viksit Bharat
Leaders from the ruling Bharatiya Janata Party (BJP) described the Prime Minister’s vision as a clear roadmap for achieving developed nation status by 2047. They argue that strong macroeconomic fundamentals, rising foreign investment, digital innovation, and infrastructure growth position India for sustained expansion.
Supporters say that consistent policy reforms, fiscal discipline, and investment in long-term assets are laying the foundation for the next two decades of growth.
India has already emerged as one of the fastest-growing major economies in the world. Government leaders believe that continued reforms and stable governance will help maintain that momentum.
Opposition Criticism and Call for Accountability
However, not everyone agrees with the government’s claims. Leaders from the opposition Congress party, including Jairam Ramesh, criticized the interview, calling it scripted public relations. They have raised concerns about issues such as unemployment, inflation, rural distress, and income inequality.
The opposition has also called for more direct accountability and transparent discussions in Parliament. Critics argue that while big announcements are made, ground-level challenges must also be addressed.
Political analysts note that debates over economic policy are common in democratic systems. As India approaches key elections in the coming years, economic performance and job creation are likely to remain major topics of discussion.
India’s Long-Term Goal: Developed Nation by 2047
The year 2047 holds symbolic importance as India completes 100 years of independence. The government’s long-term goal includes higher per capita income, strong manufacturing capacity, global competitiveness, sustainable development, and improved quality of life.
To achieve this, policymakers are focusing on:
- Expanding global trade partnerships
- Boosting infrastructure investment
- Supporting small and medium enterprises
- Encouraging technology innovation
- Strengthening defense manufacturing
- Improving ease of doing business
Experts say that reaching developed nation status will require consistent reforms, skill development, private sector participation, and balanced regional growth.
What Lies Ahead?
India stands at an important economic turning point. With global supply chains shifting and many multinational companies looking to diversify operations beyond traditional hubs, India has an opportunity to position itself as a key manufacturing and services center.
The success of the 2047 vision will depend on effective implementation, stable global economic conditions, and domestic policy continuity.
Prime Minister Narendra Modi’s interview presents a confident outlook for India’s future. Whether the ambitious goals are fully achieved remains to be seen, but the roadmap highlights infrastructure, trade expansion, self-reliance, and industrial growth as central pillars of the nation’s long-term strategy.
As India moves closer to its centenary year of independence, the coming decades will determine how successfully the country transforms its economic aspirations into reality.