Prime Minister Narendra Modi has set an ambitious goal of having 50 Indian companies feature in the Fortune 500, calling on Indian businesses to expand their global presence and compete at the highest level.
Addressing the nation from the Red Fort on Independence Day, Modi said India’s economic ambitions must extend beyond becoming a large domestic market. He stressed the need to build globally competitive companies.
“Our aim should be to have 50 Indian companies in the Fortune 500,” PM Modi said.
The target forms part of a broader vision for India’s next phase of economic growth, with manufacturing, technology, innovation and global trade emerging as key drivers.
Under what Modi described as “Shakti ki Sapt Dhara”, or seven streams of strength, manufacturing was identified as a critical area for India to strengthen.
The Prime Minister said India must increase production while developing complete domestic value chains, covering everything from small components and parts to complex finished products.
“We need components as well as complete manufacturing, complex products. From design to manufacturing, India must become a trusted centre of the global supply chain,” he said.
Indian manufacturers, he added, must compete globally on three key parameters: cost, quality and scale.
The Prime Minister also called on the manufacturing sector to seize the opportunity to expand its presence in global markets rather than focusing only on domestic demand.
India’s push to become a global manufacturing base comes alongside its growing engagement with international markets. Modi said the country has concluded free trade agreements with 40 countries and that the world has started recognising India’s capabilities.
Modi’s Fortune 500 target signals a shift from building large domestic businesses to creating Indian companies with global scale and recognition.
He said India should leverage the capabilities of its young population and aim to achieve in the next five to seven years what could not be accomplished over the previous five to seven decades.
Technology and innovation will also play a key role in that ambition. Modi said India must take its digital public technologies to every corner of the world and make Made-in-India 6G available globally.
He also highlighted the expansion of Indian manufacturing over the past 12 years. Defence production has increased nearly fourfold, electronic manufacturing nearly sevenfold and mobile phone production 33-fold, he said.
The Prime Minister emphasised that India’s manufacturing ambitions must go beyond assembling products or catering to its domestic consumer base.
Instead, the country must build capabilities across the entire production ecosystem and establish itself as a reliable global supplier.
PM Modi said the country must combine its manufacturing strength with its technology, infrastructure and innovation capabilities to build a stronger global economic position.
The seven areas identified by him include manufacturing, agriculture and food processing, technology and innovation, Gati-Shakti, defence, the green and blue economy, and India’s soft power.
Together, PM Modi said, these areas can give India the strength and momentum to achieve new goals and move towards the vision of a Viksit Bharat.
See What’s Next in Tech With the Fast Forward Newsletter
Tweets From @varindiamag
Nothing to see here - yet
When they Tweet, their Tweets will show up here.
