Independence Day: PM Modi Wants 50 Indian Companies In Fortune 500

Prime Minister Narendra Modi on Saturday set an ambitious new target for Indian businesses, calling for 50 Indian companies to feature in the Fortune 500 and an Indian bank to rank among the world's top global banks.

Addressing the nation from the ramparts of the Red Fort on India's 80th Independence Day, Modi urged Indian companies to expand their global presence and build brands that command international recognition.

He also called for an Indian pharmaceutical company to enter the world's top five, while setting out ambitions for Indian firms in law, ratings, consulting and accounting to achieve global leadership.

"Quality is paramount as it builds trust in Indian products," Modi said, making a direct appeal to industry to focus on quality as Indian businesses expand internationally.

Modi Pushes For Global Indian Brands

The Prime Minister said Indian technology companies should become leading players globally, while urging businesses to build brands that the world recognises when it hears the name India.

"India's technology companies should be a scoreboard in the world," he said, stressing that creating globally recognised Indian brands should be treated as a national goal.

Modi also highlighted the potential of India's textile industry, stretching from Ludhiana in Punjab to Tirupur in Tamil Nadu, to expand its presence in global markets.

He identified fisheries and seafood as another sector that could benefit from export opportunities created by free trade agreements.

The Prime Minister said India has the talent, capabilities, linguistic strength and a long history needed to compete on the global stage. He urged businesses to use these strengths to build internationally recognised companies and brands.

India Targets Developed Economy By 2047

Talking about the broader economy, Modi said India had transformed from the "Fragile Five" to the world's fastest-growing major economy over the past 12 years.

He said India had big dreams after Independence in 1947, but progress often fell short of the pace the country aspired to achieve. India, he said, is now moving ahead with unprecedented speed and confidence.

The Prime Minister reiterated India's ambition to become a developed nation, or Viksit Bharat, 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.

Modi also highlighted the government's achievements over the past 12 years, saying defence production has increased four times, electronic manufacturing has risen seven times and modern railway coach production has increased 21 times.

He added that internet users have increased four times, while digital transactions have expanded 100 times.

On semiconductors, Modi said India was moving towards becoming a major player in the sector. The country has already begun production at three semiconductor plants, while another five to eight plants are expected to come up in the coming years.