India's Economic Vision and Global Role:
Prime Minister Narendra Modi, addressing the Economic Times World Leaders Forum on Saturday, August 23, 2025, articulated India's strong position to contribute significantly to global economic growth. Guided by the mantra of "reform, perform, and transform," the Prime Minister stated that India is on track to become the world's third-largest major economy and aims to be a developed nation by 2047. He highlighted that India's contribution to global growth is projected to reach 20% soon, attributing this resilience to macroeconomic stability achieved over the past decade. Modi also underscored the government's commitment to further reforms, including a "next-generation GST reform" to simplify laws and reduce prices, expected before Diwali.
The Prime Minister urged the private sector to boost investment in research and development across critical sectors like clean energy, quantum technology, battery storage, and biotechnology. He also noted India's domestic development of its entire 5G stack and the ongoing rapid work on Made-in-India 6G technology, with the first Made-in-India chip expected by year-end. Furthermore, India has seen a significant increase in automobile exports, now exporting vehicles worth ā¹1.2 lakh crore annually, up from ā¹50,000 crore in 2014, and has begun exporting metro coaches, rail coaches, and locomotives.
Advancements in India's Space Sector:
On National Space Day, Prime Minister Modi lauded India's remarkable progress in space, driven by the skills of its 140 crore citizens. He emphasized the government's reforms in the space sector, which have encouraged youngsters, the private sector, and startups to explore new frontiers. The Prime Minister set an ambitious vision for India's private sector and startups to aim for launching 50 rockets per year. He confirmed the government's intent and willpower to implement necessary reforms to achieve this goal, assuring the space community of full support. Modi also announced that the first PSLV rocket built by the private sector is nearing its launch, and India's first private communication satellite is under development. Looking ahead, he asserted that India will build its own space station.
India Suspends Postal Services to US:
In a notable development, India's Department of Posts announced the temporary suspension of all types of postal articles destined for the United States, effective August 25, 2025. This decision comes in response to new tariffs imposed by the US, including a 25% tariff on India and an additional 25% penalty for purchasing Russian oil, raising the total tariff burden to 50%. The suspension is also due to undefined processes regarding customs duties under the US International Emergency Economic Power Act (IEEPA) tariff framework, leading US-bound air carriers to inform Indian authorities of their inability to accept consignments after August 25. Exceptions will be made for letters, documents, and gift items valued up to $100.