Prime Minister Narendra Modi has identified energy security and critical minerals as two key areas to address future energy- and technology-related challenges, speaking from the Red Fort on Independence Day. Modi emphasized that rising demand from chips, AI and data centres makes energy security crucial, stating that it was difficult to run the modern world without energy. His comments come at a time when the West Asia war and the resulting energy shock have tested the energy-security strategies of countries like India, which rely heavily on imported supplies of crude oil, natural gas and liquefied petroleum gas. Modi highlighted that the government had already taken a series of strong steps in this direction, with the Prime Minister noting that some people had raised concerns regarding supplies of petrol, diesel and LPG during the West Asia crisis, but the government proved them wrong by ensuring sufficient energy supplies. The Prime Minister also emphasized that India cannot remain dependent on other nations and must become self-reliant, with every Indian now rooting for Vocal for Local and Swadeshi products.
The Prime Minister announced that India has launched the National Critical Minerals Mission and announced the Critical Mineral Corridor, with agreements being signed with several countries. Modi stated that nations around the world are increasingly placing their trust in India when it comes to Critical Minerals. The mission, launched by the government in 2025, aims to achieve self-reliance and secure reliable supply chains for critical minerals, including lithium, nickel, cobalt and rare earth elements, which are vital for clean energy, electric vehicles and high-tech defence manufacturing. This initiative represents India's strategic move toward securing its supply chains for essential minerals that are crucial for the country's technological advancement and manufacturing capabilities. Modi highlighted that many countries are now depending on India for critical minerals, with the world starting to recognise India's abilities in this sector.
PM Modi highlighted India's remarkable industrial progress over the past 12 years, with defence production increasing nearly fourfold, khadi and village industries production rising nearly fivefold, and electronics manufacturing nearly sevenfold. According to the Prime Minister's address, modern railway coach production has increased 21 times and mobile phone production 33 times during this period. He also announced that India has set up semiconductor plants in its bid to become Aatmanirbhar, with production already started and five to eight more plants expected to come up in the coming years. Modi emphasized that these achievements were driven by the resolve and capabilities of India's 140 crore citizens, with the country moving from being counted among the 'Fragile Five' economies to becoming a major global economic powerhouse. The Prime Minister also announced that India has begun production at three semiconductor plants and five to eight more plants are expected to come up in the coming years, further strengthening the country's manufacturing capabilities in critical technology sectors. Additionally, digital transactions have grown by 100% during this period, demonstrating the country's digital transformation.
Modi highlighted the remarkable pace of railway electrification, stating that 70 per cent of the network was electrified in the past 10 years, compared with 30 per cent in the previous 90 years. He emphasized that India completed 100 per cent electrification in just one decade, noting that electrification had helped save imported diesel and benefited the environment. The Prime Minister also announced that India has launched its first hydrogen-powered train, named 'NaMo Green Rail', which was launched on July 17, 2026. The train is a 10-car train set that runs on the 89-kilometre Jind-Sonipat section of Northern Railway, marking India's place among global leaders in hydrogen train technology. Modi highlighted that railway electrification has reduced diesel imports and that India has set a target of 200 GW of nuclear energy and is setting up five new nuclear reactors.
India has officially secured its position as the sixth-largest economy globally with a nominal GDP of $3.92 trillion in FY26, according to the International Monetary Fund's April 2026 World Economic Outlook presented to Parliament. As reported by PTI, Minister of State for Finance Pankaj Chaudhary informed the Rajya Sabha that the IMF's rankings are based on nominal GDP measured at prevailing US Dollar exchange rates, with relative rankings subject to changes due to economic growth, exchange rate movements, price revisions, and growth of other major economies. Prime Minister Narendra Modi highlighted this achievement during his Independence Day speech from the Red Fort, stating that India has become the world's fastest growing major economy in the last twelve years. Modi emphasized that this milestone was achieved despite India being ranked among the 'Fragile Five' economies a few years ago, crediting the people's efforts for transforming India into a major economy. Speaking about the country's long-term vision, Modi announced that India has a big dream to build a Viksit Bharat or Developed India by 2047, powered by the strength and resolve of 140 crore Indians.
Public sector banks have demonstrated significant improvement in asset quality and fraud prevention. According to Chaudhary's statement, gross non-performing assets (GNPAs) of PSBs declined from ₹3,39,541 crore in March 2024 to ₹2,45,634 crore in March 2026, while the GNPA ratio reduced from 3.47% to 1.93% over the same period. The number of fraud cases reported by PSBs has decreased dramatically from 54,850 cases in 2023-24 to 5,786 cases in 2025-26, with banks taking action against borrowers involved in fraud and willful defaults as per applicable Reserve Bank of India guidelines and board-approved policies. Over the past three financial years, staff accountability has been fixed in 5,147 cases, while first information reports were filed in 9,451 cases against borrowers responsible for frauds, based on inputs received from public sector banks. Modi announced that India's banking sector is flourishing and one Indian bank should be among the top five globally.
Foreign Portfolio Investors' gross sales reached ₹29.8 lakh crore during January-August 2026, according to data from the National Securities Depository Limited. The Reserve Bank of India reported that unclaimed deposits held with DEA Fund stood at ₹86,917.08 crore as of June 30, 2026, with the central bank reimbursing ₹17,414.68 crore to banks for claim amounts paid to claimants. As reported by PTI, the government continues to strengthen external competitiveness through expanded free trade agreements while maintaining macroeconomic stability through prudent fiscal management and price stability. The Prime Minister highlighted that India has concluded FTAs with 40 countries, providing big opportunities for MSMEs, and emphasized that India cannot shut its market to the world while maintaining quality standards with the mantra of 'quality, quality, quality'.
