India hopes to be developed nation in 25 years

STORY: Speaking from the 17th century Red Fort in Delhi as India celebrates its 75th year of independence from British colonial rule, Modi exhorted the youth to "aim big" and give their best years for the cause of the country.

India is the world's sixth-largest economy and is expected to grow at over 7% in the current fiscal year ending in March 2023 - the fastest among major economies.

Many experts say India's economy could expand to become the world's third-largest by 2050 after the United States and China, although per capita income, currently around $2,100, may remain low compared to many countries.