Once counted among the “fragile five,” India has transformed into a major economy within 12 years, said Prime Minister Narendra Modi during his Independence Day 2026 speech. While addressing the nation, the PM said that we attained freedom but couldn’t achieve speed towards economic growth.
The PM highlighted the economic transformation since 2013, saying that with the resolve of 140 crore Indians, the country is moving on the track to progress. “It is impossible to stop the resolve and efforts of 140 crores Indians”, he said.
What is the Fragile Five?
American financial services giant Morgan Stanley coined the term “Fragile Five” in 2013 to define countries unable to finance their economic growth and become dependent on foreign investments. The countries listed under this category are India, Turkey, Brazil, South Africa, and Indonesia. These economies were vulnerable because of their exposure to external economic shocks.
Key sectors of growth
During the 80th Independence Day address, PM Modi listed the growth in major sectors: “In the last 12 years, the defence production has increased by four times, production by Khadi and Gramudyog has increased five times; electronic manufacturing has grown by seven times. Mobile phone production has increased by 33%, and digital transactions have grown by 100%.”
Start-ups and ‘Atmanirbhar Bharat’
Prime Minister Narendra Modi also emphasized the importance of AI start-ups. He announced the resolve to train 10 million youth in AI skills, thus empowering them to take the lead in AI.
He also claimed that the bio-economy sector, which was valued at Rs 60,000 crore before 2014, has now surged to 20 lakh crore.
PM Modi highlighted the nation’s journey towards attaining the goal of “Atmanirbhar Bharat.” He called for greater self-reliance with initiatives like “Make in India,” “Swadeshi,” and “Vocal for Local.”
“…over the past few years, our conviction has been that India should no longer live in dependence on other nations; we must become self-reliant… We must enhance our own capacities and safeguard our interests ourselves,” he said.
The PM, during his address, repeated the resolve to become a developed nation by 2047, when the country will have completed 100 years of independence. The collective efforts and industrious spirit of 1.4 billion people can make this possible.
