Amit Shah Addresses 119th Annual PHDCCI Session: Outlines Vision for India’s Growth by 2047

Shri Shah acknowledged the need for Indian industries to scale up globally, encouraging businesses to think beyond national boundaries.

Union Home Minister and Minister of Cooperation, Shri Amit Shah, delivered the keynote address at the 119th Annual Session of the PHD Chamber of Commerce and Industry (PHDCCI) today. The event, held in New Delhi, saw the participation of around 1500 business leaders, professionals, and representatives from various industries. The theme for this year's session, "Viksit Bharat @ 2047: Marching Towards the Peak of Progress," underscored India's ambitious path toward becoming a fully developed nation by 2047, the centenary of its independence.

In his opening remarks, Shri Shah paid tribute to Shri Ratan Tata, a globally respected industrialist who passed away the previous night. He praised Tata's transformative leadership and legacy, which guided the Tata Group to global prominence while adhering to the highest standards of integrity. “Ratan Tata’s contribution to both the business world and the society at large is immense, and his legacy will continue to inspire generations of industry leaders,” Shah remarked.

Shri Amit Shah emphasized that 2023 is a decisive year for Indian industry, as the country positions itself for long-term growth. Highlighting the importance of stability in leadership, he pointed out that under Prime Minister Narendra Modi’s leadership over the past decade, India has experienced consistent policy continuity, laying the foundation for further progress.

Vision for 2047 and Beyond

The Union Home Minister elaborated on Prime Minister Modi’s twin goals for the nation: making India a fully developed nation by 2047 and the world’s third-largest economy by 2027. He credited Modi’s visionary policies for boosting infrastructure, promoting manufacturing, fostering innovation, and creating an investment-friendly ecosystem. "Under PM Modi’s leadership, India has set a clear roadmap for global dominance in areas like advanced computing, deep-sea exploration, the maritime economy, and space research," Shah added.

India’s growth trajectory over the last decade includes significant infrastructure achievements such as the Zoji La Tunnel, the Chenab Rail Bridge, and landmark projects like the Mumbai Trans-Harbour Link and Kolkata’s underwater metro. Shah also emphasized the strides made in semiconductor manufacturing, electric vehicles, and foreign direct investment (FDI), noting that India attracted a record $85 billion in FDI in 2021-2022.

Achievements in Digital Economy and Startups

Shri Shah praised India’s rise as a global leader in digital payments and the fastest-growing startup ecosystem. “India’s digital payment system, which has been adopted by many countries, and the launch of the world’s largest grain storage plan in cooperatives, exemplify our progress,” he said. He noted that India now ranks first globally in fintech adoption and smartphone data consumption, with half of the world’s daily digital transactions taking place in India.

National and Global Impact of Modi’s Leadership

Shri Shah highlighted the “Minimum Government, Maximum Governance” principle under Prime Minister Modi, which has resulted in the abolition of 2,000 outdated colonial laws and the elimination of over 39,000 compliance regulations across sectors. These reforms have directly benefited millions, with initiatives like Pradhan Mantri Garib Kalyan Yojana, providing free grain to 80 crore people, piped water connections to 15 crore households, and gas connections to over 11 crore families.

India’s global standing has also improved significantly under Modi’s leadership. In Ease of Doing Business, the country jumped from 142nd position to 63rd in global rankings, while GDP growth rates have consistently been among the highest in the G20 nations.

Shah remarked, “When Prime Minister Modi took office, the country was labeled part of the ‘Fragile Five’ by global analysts. Today, India is a bright spot in the global economy.” He noted that before 2014, India was suffering from policy paralysis, but under Modi’s leadership, the country has embraced a politics of performance.

Addressing Challenges and Opportunities Ahead

Shri Shah acknowledged the need for Indian industries to scale up globally, encouraging businesses to think beyond national boundaries. He stressed that Indian companies need to embrace larger global opportunities, calling for industry associations and chambers like the PHDCCI to drive this transformation.

Shah also touched on the critical areas where India is set to lead in the next 25 years, including research and development. For the first time, the government has established a National Research Foundation with a ₹50,000 crore budget, ensuring that India will be at the forefront of global innovation.

Security and Stability

Shri Shah spoke about India's successes in addressing national security challenges, highlighting the decline of terrorism in Kashmir, the reduction of Naxalism, and the restoration of peace in the Northeast. He also praised the government’s infrastructure projects aimed at securing the country’s remote areas, such as the optical fiber network in the Andaman-Nicobar Islands and Lakshadweep.

ConclusionShri Amit Shah concluded his address by emphasizing that India’s march towards becoming a developed nation by 2047 is well underway, with the foundations already laid over the past decade. He called on the PHD Chamber of Commerce and Industry to serve as a vital link between the government and the business sector, ensuring that industry challenges are addressed and that the vision of Viksit Bharat @ 2047 is realized.

“We are confident that with PM Modi’s leadership and the collective effort of industries, India will soon be a global leader in every field,” Shah said, ending his address with optimism and a call to action for industry leaders.