Prime Minister Narendra Modi, addressing the nation from the Red Fort on the 80th Independence Day, set ambitious targets for India's economic growth, global competitiveness and national security, calling for Indian pharmaceutical companies to enter the ranks of the world's top five pharma giants and for the country to have 50 companies listed in the Fortune 500.
Highlighting India's growing pharmaceutical and medical technology sectors, PM Modi said the pharma industry is moving from being the "pharmacy of the world" to becoming a hub of innovation, with greater emphasis on research and development, biologics, biosimilars and next-generation therapies. He said domestic manufacturing, reduced import dependence and government support are helping India emerge as a trusted global med-tech partner focused on affordable and accessible healthcare.
More than 50 high-end medical devices are now being manufactured in India under the Production Linked Incentive (PLI) scheme, while continued foreign investment reflects growing confidence in the sector. India's med-tech market is currently valued at $15-16 billion and is growing at nearly 12 per cent annually, making it the fourth-largest medical technology market in Asia and among the top 20 globally. A recent report has projected that the domestic medical device industry could become a global powerhouse, with the market expected to reach $250 billion by 2047.
On national security, PM Modi said India had succeeded in significantly weakening armed Naxalism, recalling that when the BJP-led government assumed office in 2014, Naxal violence had "drenched the earth in blood". He said Maoist insurgents no longer have the strength to sustain themselves in areas that were once centres of armed conflict, which now, he said, fly the "Tricolour of development, trust and effort".
However, PM Modi warned that what he described as "dimagi Naxalism" continues to pose a challenge. He alleged that individuals with a Maoist mindset had occupied influential positions, including as advisors to government committees, and had influenced policymaking. While armed Naxalism in forests has been largely eliminated, he said ideological Naxalism remains active and is "looking for an opportunity" to create violence and anarchy.
Calling for such elements to be identified and isolated, PM Modi stressed the need to ensure that India's youth remain connected to the mainstream path of nation-building and the larger goal of transforming India into a developed nation.
