In 12 years, India transformed from 'Fragile 5' to world's fastest-growing major economy: Modi

NEW DELHI: India has transformed from 'Fragile Five' to the world's fastest-growing major economy in the last 12 years, said Prime Minister Narendra Modi on Saturday as he highlighted the strides the country made during his tenure.

Addressing the nation from the ramparts of the historic Red Fort on the 80th Independence Day, India was once counted among the 'Fragile Five'.

The world had dumped India's economy in the 'Fragile Five', he said.

However, India has, within just 12 years, emerged as the world's fastest-growing major economy, he said.

After Independence in 1947, the prime minister said, India had big dreams, but progress often fell short of the pace the country aspired to achieve.

Today, India is moving ahead with unprecedented speed and confidence, and now, no force can stop the resolve of 140 crore Indians, he added.

He further said India has a big dream to build a Viksit Bharat or Developed India by 2047, powered by the strength and resolve of 140 crore Indians.

"When the world's most populous nation sets its sights on becoming a developed country, it sends a powerful message to the world and is reshaping how the world sees India," he said, adding that any nation becomes great when it achieves its accomplishments.

Highlighting the achievements of his government in the past 12 years, Modi said defence production has increased four times, electronic manufacturing has risen seven times, modern railway coach production has increased 21 times, internet users have increased four times, and digital transactions have expanded 100 times.

Modi also said the country is moving towards becoming a major player in the semiconductor sector.

India has already begun production at three semiconductor plants, and five to eight more plants are expected to come up in the coming years, the prime minister said.

The prime minister also spoke on emerging technologies and announced that one crore youth will be trained in skills related to artificial intelligence (AI).