‘Reform Express’ to continue, Viksit Bharat is pole star: Modi

NEw DelhiPrime government minister Narendra Modi on tues credited “pathbreaking reforms” that putting bharat at the “centre of planetary attending”, and hinted at the continuance of “the Reform Express” with an emphasis on “collaboration over control and facilitation over regulation” ahead of the union budget, as an official statement affirmed that India had overtaken Japan to become the world’s fourth-largest economy.In an article on social media, the PM said that “India has boarded the Reform Express”.“2025 will be remembered as a year for India when it focused on reforms as a continuous national mission, building on the ground covered over the past 11 years. We modernised institutions, simplified governance, and strengthened the foundations for long-term, inclusive growth,” he wrote.India remains the fastest-growing major economy in the world with 7.8% real GDP growth in Q1 of 2025-26 and 8.2% in Q2.Modi said the reforms reflected a shift from a control-based economy to one built on trust and facilitation, and urged investors and institutions in India and abroad to deepen their engagement with the country’s growth story.“These reforms are aimed towards building a prosperous and self-reliant India. Building a Viksit Bharat is the polestar of our development trajectory. We will continue pursuing the reform agenda in the coming years,” the PM said. “I urge everyone in India and abroad to deepen their bond with the India growth story. Keep trusting India and investing in our people!”Modi also chaired a meeting of economists on Tuesday and discussed measures to sustain India’s high growth momentum while implementing a long-term development agenda of a ‘Viksit Bharat’ (developed India) by 2047, people present in the meeting said, requesting anonymity. The meeting was also attended by finance minister Nirmala Sitharaman and Niti Aayog vice-chairman Suman Bery.The Prime Minister’s Office (PMO) confirmed the development in a statement and said the PM interacted with a group of eminent economists and experts on the theme of ‘Aatmanirbharta and Structural Transformation: Agenda for Viksit Bharat’. Addressing the gathering, he highlighted the core pillars for India’s journey toward 2047.Speaking about Viksit Bharat as a national aspiration, the PM said the vision of a developed India by 2047 had transcended government policy to become a genuine mass aspiration. “This shift is evident in the evolving patterns of education, consumption, and global mobility, necessitating enhanced institutional capacity and proactive infrastructure planning to meet the needs of an increasingly aspirational society,” the statement quoting him said.To sustain long-term growth, the Prime Minister called for mission-mode reforms across diverse sectors to build global capability and attain global integration.“He stressed that India’s policymaking and budgeting must remain anchored with a vision for 2047. He also spoke about the need for ensuring that the nation remains a vital hub for the global workforce and international markets,” the statement said.Participants in the meeting included experts such as Shankar Acharya, Ashok K Bhattacharya, NR Bhanumurthy, Amita Batra, Janmejaya Sinha, Dinesh Kanabar, Madan Sabnavis, Ashima Goyal, Dharmakirti Joshi, Pinaki Chakraborty, and Rahul Bajoria. During the interaction, they shared strategic insights on enhancing productivity and competitiveness across the manufacturing and services sectors.“The discussions focused on accelerating structural transformation through increased household savings, robust infrastructure development, and the adoption of cutting-edge technology. The group explored the role of artificial intelligence (AI) as an enabler of cross-sectoral productivity and also discussed the continued scaling of India’s Digital Public Infrastructure (DPI),” the statement said.The participants noted that the unprecedented flurry of cross-sectoral reforms in 2025, and their further consolidation in the coming year, will ensure that India continues to chart its path as one of the fastest-growing global economies by strengthening its foundations and unlocking newer opportunities, it said.The PM’s article on social media, “2025 - The Year of Reforms”, also highlighted these points.“India has emerged as the centre of global attention. This is due to the innovative zeal of our people. Today, the world sees India with hope and confidence. They appreciate the manner in which the pace of progress has been accelerated with next-generation reforms, which are cross-sectoral and amplify the nation’s growth potential,” he said in the article.The PM pointed to some of the major reforms undertaken in 2025 that have been enabling citizens to live with dignity, entrepreneurs to innovate with confidence and institutions to function with clarity and trust. Examples included major indirect tax reduction through Goods and Services Tax (GST) rate rationalisation in October, allowing 100% foreign direct investment (FDI) in the insurance sector, labour reforms, diversification of trade, free trade agreements (FTAs) with the UK, Oman and New Zealand, and several measures for ease of doing business.“What makes the reforms of 2025 significant is not only their dimension but also their underlying philosophy. Our government has prioritised collaboration over control and facilitation over regulation in the true spirit of a modern democracy,” he said. These reforms were designed with empathy, recognising the realities of small businesses, young professionals, farmers, workers and the middle class, he added.Modi mentioned the new labour codes.“India has created a labour framework that secures the interests of workers while boosting the business ecosystem. The reforms focus on fair wages, timely payment of wages, smoother industrial relations, social security and safer workplaces.“They ensure greater female participation in the workforce. Unorganised workers including contract workers are brought under the ESIC and EPFO expanding the coverage of formal workforce,” he said.Meanwhile, a research report of the Press Information Bureau (PIB), the government’s nodal agency for information dissemination, said: “With GDP valued at $4.18 trillion, India has surpassed Japan to become the world’s fourth-largest economy and is poised to displace Germany from the third rank in the next 2.5 to 3 years with projected GDP of $7.3 trillion by 2030.”India’s real GDP grew 8.2% in Q2 2025-26, up from 7.8% in the previous quarter and 7.4% in Q4 of 2024-25, led by resilient domestic demand amidst global trade and policy uncertainties, it said. “The RBI revised India’s GDP growth forecast for FY 2025-26 upward to 7.3% from the earlier estimate of 6.8%,” it added.Looking ahead, domestic drivers—favourable agricultural prospects, the sustained effects of GST rationalisation, benign inflation, and the strong balance sheets of corporates and financial institutions—coupled with supportive monetary and financial conditions, are expected to continue bolstering economic activity, it said.“External factors such as services exports are projected to remain robust, while the swift conclusion of current trade and investment negotiations offers additional upside potential. Ongoing reforms are likely to further enable growth prospects. Present macroeconomic situation presents a rare ‘goldilocks period’ of high growth and low inflation,” it added.