India can lift world out of slow growth: PM Modi cites experts predicting 20% GDP share ‘soon’

Indian Prime Minister Narendra Modi on Saturday (August 23, 2025) said that guided by the mantra of “reform, perform, and transform,” India is in a position to help lift the world out of slow growth, citing experts who predict the country’s GDP share will touch 20 per cent “soon.”

Speaking at a media event in New Delhi, Modi underlined the strength of India’s economy, noting that the country is on track to become the world’s third-largest major economy and is firmly moving towards the goal of becoming a developed nation by 2047.

Calling reforms a matter of “commitment and conviction,” he announced that the next-generation GST reform process, designed to simplify the law, will be completed before Diwali and help bring down prices.

“It is not in my nature to be satisfied with what has already been achieved. The same approach guides our reforms,” he said. “For us, reforms are neither a compulsion nor crisis-driven but a matter of commitment and conviction.”

The Prime Minister added that a “comprehensive new set of reforms” is in the pipeline, urging the private sector to step up investments in areas such as clean energy, quantum technology, battery storage, advanced materials, and biotechnology to strengthen India’s vision of becoming a developed nation.

“With this arsenal of next-generation reforms, manufacturing in India will increase, market demand will rise, the industry will receive a new boost, new employment opportunities will be created, and both Ease of Living and Ease of Doing Business will improve,” he noted.

India to export EVs to 100 countries

Separately, Modi announced that India will soon begin exporting electric vehicles to 100 countries, calling it a major milestone in the nation’s green mobility push.

Speaking at The Economic Times World Leaders Forum, he said a “very big programme” linked to this initiative will take place on Tuesday, August 26, though he did not share further details.

“I want to share another achievement of India,” he said. “We are now going to export electric vehicles to 100 countries. A very big programme related to this will be held two days from now, on August 26.”