Prime Minister Narendra Modi on Saturday set an ambitious goal of having 50 Indian companies included in the Fortune 500, urging businesses to broaden their international presence and compete with leading companies worldwide.
Addressing the nation from the Red Fort on Independence Day, Modi said India’s economic aspirations should extend beyond becoming a major domestic market and focus on building companies that can compete globally.
He said India should aim to have 50 companies feature in the Fortune 500.
The target is part of Modi’s broader vision for India’s next stage of economic development, with manufacturing, technology, innovation and international trade identified as important drivers.
INDIA AS A GLOBAL MANUFACTURING HUB
Under his “Shakti ki Sapt Dhara”, or seven streams of strength, Modi identified manufacturing as one of the areas requiring greater focus.
He said India needs to expand production while developing complete domestic value chains, ranging from small components and parts to sophisticated finished products.
According to Modi, the country needs both individual components and complete, complex manufacturing capabilities, with India becoming a trusted hub in global supply chains from design through production.
He said Indian manufacturers must be capable of competing internationally on three major factors — cost, quality and scale.
The Prime Minister also urged the manufacturing sector to use the opportunity to increase its presence in international markets instead of concentrating solely on domestic consumption.
India’s efforts to establish itself as a global manufacturing centre are taking place alongside increasing engagement with international markets. Modi said India has finalised free trade agreements with 40 countries and that the world is increasingly recognising the country’s capabilities.
FROM MAKE IN INDIA TO GLOBAL COMPANIES
The Fortune 500 target reflects an effort to transform Indian businesses from major domestic players into companies with a strong global presence.
Modi said India must leverage the capabilities of its young population and the country’s growing strengths to accomplish within the next five to seven years what could not be achieved during the previous five to seven decades.
Technology and innovation will also be central to this objective. Modi called for Indian digital public technologies to reach countries around the world and for Made-in-India 6G technology to be taken to global markets.
He also pointed to the growth of India’s manufacturing sector over the past 12 years. According to him, defence production has almost quadrupled, electronic manufacturing has increased nearly sevenfold and mobile phone production has expanded 33 times.
A GREATER ROLE IN GLOBAL SUPPLY CHAINS
Modi stressed that India’s manufacturing ambitions should go beyond assembling goods or producing products primarily for Indian consumers.
Instead, the country needs to build capabilities throughout the entire production process and establish itself as a dependable supplier to international markets.
He said India must combine manufacturing capacity with technology, infrastructure and innovation to strengthen its position in the global economy.
The seven areas outlined under the framework include manufacturing, agriculture and food processing, technology and innovation, Gati-Shakti, defence, the green and blue economy and India’s soft power.
Together, Modi said, these areas can provide India with the strength and momentum required to pursue new targets and advance towards the vision of a Viksit Bharat.
