Prime Minister Narendra Modi on Sunday announced India’s rapid rise towards becoming the world’s third-largest economy at the Vibrant Gujarat Regional Conference (VGRC) in Rajkot, highlighting Gujarat’s pivotal contribution to this achievement.
“Gujarat has been a cornerstone in India’s journey, fostering growth from MSMEs to attracting global financial institutions,” PM Modi said during his keynote address. “This summit unites government, corporates, startups, and investors to fast-track India’s development.”
Pointing to India’s strong economic fundamentals, the Prime Minister stated, “India is the world’s fastest-growing major economy with inflation under control. Our agriculture sector consistently sets new records, and we lead globally as the largest milk producer and a top manufacturer of generic medicines.”
PM Modi also underscored India’s expanding global presence: “We are the third-largest startup ecosystem and aviation market in the world, with metro rail networks ranked among the top three globally.” He credited recent reforms—including next-generation GST changes, insurance sector liberalisation, and modernisation of the Income Tax Act—for strengthening the economy and benefiting millions.
Global institutions are increasingly optimistic about India’s growth and stability, PM Modi noted. “The IMF calls India the world’s growth engine. After 18 years, S&P upgraded our credit rating, and Fitch has praised our fiscal credibility. Despite global uncertainties, India remains politically stable with a growing middle class and a strong foundation for sustained progress.”
Highlighting Gujarat’s role in India’s future, the Prime Minister announced key projects: “India’s first semiconductor fabrication plant is coming up in Dholera, supported by a predictable policy environment. In Kutch, a hybrid power park five times the size of Paris is under development, and Jamnagar is emerging as a hub for green energy.”
He stressed the need for an industry-ready workforce and reliable power to support India’s data-driven growth in semiconductors, AI, and research. “Nuclear power will be vital, and through the Shanti Act, the nuclear sector is now open to private investors to ensure dependable energy for emerging technologies,” PM Modi added.
Focusing on regional strengths, PM Modi identified Saurashtra and Kutch as engines of Atmanirbhar Bharat. “Saurashtra alone hosts 2.5 lakh MSMEs producing everything from screwdriver parts to aircraft components. The region also has the world’s largest ship-breaking yard and a major tile manufacturing hub, making it a key driver of industrial growth and investment,” he said.