Prime Minister Narendra Modi on Sunday declared India’s fast-paced ascent towards the world’s third-largest economy status at the Vibrant Gujarat Regional Conference (VGRC) in Rajkot, crediting Gujarat’s dynamic role in this remarkable progress.

“Gujarat has been a cornerstone in India’s journey, fostering growth from MSMEs to attracting global financial institutions,” PM Modi said during his keynote address. The summit brings together government, corporates, startups, and investors to collaborate and accelerate India’s development.

Highlighting India’s robust economic fundamentals, PM Modi said, “India is the world’s fastest-growing major economy with inflation under control. Our agriculture sector continues to break records year after year, and we are proud to be the largest milk producer and a leading global manufacturer of generic medicines.”

PM Modi emphasised the country’s growing prominence in global markets: India is the third-largest startup ecosystem and aviation market globally, and its metro rail networks rank among the top three in the world, the PM said. He added that the government’s reform agenda — including next-generation GST reforms, insurance sector liberalisation, and modernisation of the Income Tax Act — has strengthened the economy and benefited millions.

Global institutions recognise India’s economic stability and growth potential, PM Modi noted. “The IMF calls India the world’s growth engine, S&P upgraded our credit rating after 18 years, and Fitch has praised our fiscal credibility,” he stated. Despite global uncertainty, India remains politically stable with a growing middle class and a solid foundation for continued progress, he informed.

Gujarat’s contribution to India’s vision was underscored by the announcement of key projects: “India’s first semiconductor fabrication plant is coming up in Dholera, supported by a predictable policy environment,” PM Modi said, adding, “In Kutch, a hybrid power park five times the size of Paris is under development, and Jamnagar is emerging as a green energy hub.”

He also highlighted the importance of an industry-ready workforce and assured power supply to sustain India’s data-centric growth in semiconductors, artificial intelligence, and research. “Nuclear power will play a critical role, and through the Shanti Act, the nuclear sector has been opened to private investors to ensure reliable energy for emerging technologies,” PM Modi added.

Focusing on regional strengths, the Prime Minister pointed to Saurashtra and Kutch as engines of Atmanirbhar Bharat, with Saurashtra alone hosting 2.5 lakh MSMEs producing everything from screwdriver parts to aircraft components. “The region is home to the world’s largest ship-breaking yard and a major tile manufacturing hub, contributing substantially to industrial growth and investment opportunities,” he said.

The Vibrant Gujarat Regional Conference continues to serve as a vital platform for fostering economic growth, innovation, and inclusive development, aligning Gujarat and India’s broader goals for a sustainable and prosperous future.