India’s Economic Ascent: PM Modi’s Long-Term Strategy

• Unlocking India’s future: A strategic roadmap for high growth with low inflation, aiming for a developed economy by 2047.

Core Vision: High Growth, Low Inflation

Prime Minister Narendra Modi’s long-term economic strategy, often referred to as “Modinomics,” aims to transform India into a developed economy by 2047 by achieving high growth with low inflation. This strategy focuses on unlocking India’s untapped potential across various sectors, including the North East, the Blue Economy, and through the empowerment of women and youth.

India is projected to grow at approximately 8%, significantly exceeding global averages and G7 nations, demonstrating remarkable macroeconomic stability. Consistent economic reforms, such as the Goods and Services Tax (GST) implemented in 2017 and the upcoming four labor codes in 2025, aim to streamline business compliance while protecting workers. The government has maintained price stability, with the Reserve Bank of India (RBI) operating under an inflation targeting regime (2-6%) since 2016. This is supported by fiscal prudence and a supply-side focus. “New Welfarism”: Public goods and social welfare programs are delivered directly through Aadhaar-linked bank accounts, reducing leakage and ensuring access to affordable food grains, thereby preventing demand-driven price increases.

• Economic Growth: India is projected to grow at approximately 8%, significantly exceeding global averages and G7 nations, demonstrating remarkable macroeconomic stability.
• Structural Reforms: Consistent economic reforms, such as the Goods and Services Tax (GST) implemented in 2017 and the upcoming four labor codes in 2025, aim to streamline business compliance while protecting workers.
• Low Inflation: The government has maintained price stability, with the Reserve Bank of India (RBI) operating under an inflation targeting regime (2-6%) since 2016. This is supported by fiscal prudence and a supply-side focus.
• “New Welfarism”: Public goods and social welfare programs are delivered directly through Aadhaar-linked bank accounts, reducing leakage and ensuring access to affordable food grains, thereby preventing demand-driven price increases.

Unlocking Untapped Potential – North East India: The ‘Ashta Lakshmi’

The North Eastern region is a critical frontier for India’s potential, referred to as “Ashta Lakshmi” due to its rich natural resources and opportunities in organic farming, skilled artisans, and unique products. The Act East policy has evolved to prioritize the Northeast as India’s strategic gateway, driving investments in connectivity and infrastructure.

The “HIRA” Model: This infrastructure strategy comprises Highways, Internet ways, Railways, and Airways. These efforts have reduced violence, fostered regional trade, and repositioned the North East as a vital economic and strategic hub.

“HIRA” Model: Infrastructure Strategy

• Highways: Over 16,207 km of National Highways have been constructed.
• Internet ways: Bharat Net and 4G tower deployment have brought 4G connectivity to all North Eastern states.
• Railways: Significant investments include the Bairabi–Sairang line and broad-gauge conversion projects.
• Airways: The number of operational airports has increased from nine in 2014 to 19, supported by the UDAN scheme and heliport development.

Impact: These efforts have reduced violence, fostered regional trade, and repositioned the North East as a vital economic and strategic hub.

Harnessing the Oceans: India’s Blue Economy Vision

India aims to become a global maritime hub through its Blue Economy India vision, outlined in the “Amrit Kaal Vision 2047.” This strategy emphasizes port-led development, green logistics, enhanced port connectivity, and coastal industrial clusters, targeting a $100 billion growth engine by sustainably harnessing ocean resources.

The Sagarmala Programme (launched 2015) modernizes ports, enhances multimodal connectivity, and fosters port-linked industrialization. It includes 839 projects worth ₹5.79 lakh crore, boosting coastal shipping and inland waterway cargo. The Deep Ocean Mission (DOM) (launched 2021) is a multi-institutional initiative for exploring and sustainably utilizing deep ocean resources.

Key Initiatives:

• Sagarmala Programme (launched 2015): Modernizes ports, enhances multimodal connectivity, and fosters port-linked industrialization. It includes 839 projects worth ₹5.79 lakh crore, boosting coastal shipping and inland waterway cargo.
• Deep Ocean Mission (DOM) (launched 2021): A multi-institutional initiative for exploring and sustainably utilizing deep ocean resources.
  • Technology Development: Focuses on deep-sea mining technologies, including the Matsya 6000 manned submersible.
  • Resource Exploration: India has secured a site in the Central Indian Ocean Basin for polymetallic nodule exploration.
  • Other Areas: Includes ocean climate change advisory services, deep-sea biodiversity conservation, and generating energy/freshwater from the ocean (e.g., Ocean Thermal Energy Conversion – OTEC).

Empowering ‘Nari Shakti’: Women Power in India’s Growth Story

Women empowerment in India (“Nari Shakti”) is a key focus, encompassing education, financial independence, health security, and political representation.

Beti Bachao Beti Padhao (BBBP) (launched 2015) addresses declining Child Sex Ratio and promotes girls’ education. MUDRA Yojana (PMMY) provides collateral-free loans to foster female entrepreneurship. Lakhpati Didi Initiative aims to create 3 crore women entrepreneurs. Nari Shakti Vandan Adhiniyam (Women’s Reservation Bill, 2023) reserves one-third of seats for women in the Lok Sabha and State Assemblies, increasing their representation in decision-making.

Key Programs:

• Beti Bachao Beti Padhao (BBBP) (launched 2015): Addresses declining Child Sex Ratio and promotes girls’ education, leading to improvements in the National Sex Ratio at Birth and girls’ Gross Enrolment Ratio in secondary schools.
• MUDRA Yojana (PMMY): Provides collateral-free loans up to ₹10 lakh to foster female entrepreneurship. Over 69% of PMMY loans have benefited women, enhancing their financial independence.
• Lakhpati Didi Initiative (under DAY-NRLM): Aims to create 3 crore women entrepreneurs from Self-Help Groups (SHGs) with an annual household income of ₹1 lakh or more. Over 1.5 crore women have achieved this status.
• Nari Shakti Vandan Adhiniyam (Women’s Reservation Bill, 2023): Reserves one-third of seats for women in the Lok Sabha and State Assemblies, increasing their representation in decision-making.

Fueling the Future: Youth Power and Skill Development

India’s young population is a vital force, with a focus on skill development, entrepreneurship, and educational reforms to create a skilled, self-dependent workforce.

The Skill India Mission (launched 2015) addresses the skill gap. Startup India (launched 2016) fostered a robust ecosystem. National Education Policy (NEP) 2020 integrates vocational education. Pradhan Mantri Viksit Bharat Rojgar Yojana (announced August 15, 2025) is a ₹1 lakh crore scheme to create 3.5 crore new private-sector jobs.

Key Initiatives:

• Skill India Mission (launched 2015): Addresses the skill gap through industry-relevant training, improving employability from 33.9% (2014) to 51.3% (2024).
  • Pradhan Mantri Kaushal Vikas Yojana (PMKVY): Offers free skill training to unemployed youth. PMKVY 4.0 will focus on AI, robotics, and IoT.
• Startup India (launched 2016): Fostered a robust ecosystem, making India the world’s third-largest startup hub and generating over 1.66 million direct jobs.
• National Education Policy (NEP) 2020: Integrates vocational education and promotes practical learning.
• Pradhan Mantri Viksit Bharat Rojgar Yojana (announced August 15, 2025): A ₹1 lakh crore scheme to create 3.5 crore new private-sector jobs within two years, offering financial support to first-time private sector employees and hiring incentives.

India’s Roadmap to Prosperity: A Vision for Viksit Bharat 2047

Prime Minister Narendra Modi’s long-term economic strategy is a detailed roadmap to achieve sustained high growth and low inflation, transforming India into a developed nation by 2047. By systematically leveraging untapped potential in the North East, Blue Economy, and through women power and youth power, India is pursuing inclusive and robust progress.

Initiatives like “Make in India,” the “HIRA” model, Sagarmala, Deep Ocean Mission, “Nari Shakti” programs, and the Skill India Mission are interconnected drivers of the nation’s ascent. India’s march towards Viksit Bharat 2047 is built on structural reforms, demographic dividends, and sustainable resource utilization, promising an era of prosperity and global leadership.