Observing that India has become a ray of hope in the world at a time when it is witnessing multiple geopolitical challenges, Prime Minister Narendra Modi on Wednesday vowed to make the country the third largest global economy in the next few years and a developed nation by 2047.

Noting that various global rating agencies are giving their predictions about India and analysing them, he said, ”let experts analyse this but I can guarantee that India will become the third largest economy in the world.”

The PM was inaugurating the tenth edition of the Vibrant Gujarat Global Summit (VGGS) with the ”Gateway to the Future” as its theme. UAE President Sheikh Mohammed bin Zayed Al Nahyan was the chief guest at the summit which was also attended by President of Mozambique Filipe Nyusi, President of Timor Leste José Ramos-Horta, Prime Minister of Czech Republic Petr Fiala apart and top ministers or officials from nearly 100 countries.

Multiple industry captains also addressed the summit. They included Chairman of ArcelorMittalm Lakshmi Mittal, Mr Toshihiro Suzuki, President of Suzuki Motor Corporation Toshihiro Suzuki, Japan, Mr Mukesh Ambani of Reliance Group, Mr Sanjay Mehrotra, CEO of Micron Technologies, USA and Mr Gautam Adani, Chairman of the Adani Group.

The VGGS, conceptualised in 2003 when Mr Modi was the chief minister of Gujarat, has evolved as one of the most reputed global forums for business collaboration, knowledge sharing and strategic partnerships for inclusive growth and sustainable development.

Addressing the gathering at the Mahatma Mandir Convention and Exhibition Centre, PM Modi said the next 25 years of ‘Amrit Kaal’ will be the time for new dreams, new resolutions and continuous accomplishments for the country.

India, the PM said, is moving forward in the role of a ‘Vishwa Mitra’ in a fast-changing world. Today India has given the world confidence in achieving common collective goals. India’s commitment, efforts and hard work for global welfare are making the world safer and prosperous. ”The World looks at India as an important pillar of stability. A friend who can be trusted, a partner who believes in people-centric development, a voice that believes in global good, an engine of growth in the global economy, a technology hub for finding solutions, a powerhouse of talented youth and a democracy that delivers ,” he said.

Mr Modi said the priorities and aspirations of India’s 1.4 billion citizens and their belief in human-centric development coupled with the government’s commitment to inclusivity and equality is a major aspect of world prosperity and development.

The PM elaborated on the government’s focus on structural reforms as the basis of the Indian economy’s resilience and momentum as these reforms have enhanced the country’s capacity, capability, and competitiveness.

He said the transformations taking place in India are improving Ease of Living and empowering people. He mentioned that in the last 5 years, more than 13.5 crore people have come out of poverty while the average income of the middle class has been constantly on the rise.

He also touched upon the record rise in the participation of female workforce which is a great sign for India’s future. “With this spirit”, the PM said, “I appeal to all of you to become part of India’s investment journey.”