I have been privileged to listen to August 15 speeches since I was a schoolgoer, but Prime Minister Narendra Modi’s 12th Independence Day speech on Friday was unprecedented. It unleashed a Brahmastra — Arjun’s legendary weapon with no counter — aimed at accelerating India’s path to Viksit Bharat. At a time of extraordinary turbulence in the global economy, India continues to surge ahead as the fastest-growing large economy. The speech was remarkable not merely for its sweep but for its scope — next-generation reforms that are bold, and capable of reshaping the destiny of 1.4 billion people — with a clarity of vision that the nation has never witnessed before.
Take the Digital India stack, UPI accounting for half of the world’s real-time transactions, and the roll-out of the first Made-in-India chip by year-end. These show India’s lead position in the global digital economy. At a time when semiconductors decide the destiny of nations, this is nothing less than digital Swaraj — India’s assertion of sovereignty over critical technologies.
Energy security had long been the Achilles’ heel of India’s growth. For decades, hesitation and “no-go” classifications throttled exploration and deepened import dependence. Under PM Modi, India has reduced “no-go” areas for Exclusive Economic Zones by almost 99 per cent, freeing 10 lakh sq km for exploration and production (E&P). Coupled with Open Acreage Licensing Policy (OALP), this has opened a vast canvas to Indian champions and global majors alike — our hydrocarbon basins will no longer lie dormant but be harnessed for national progress. The National Deepwater Exploration Mission, announced from the ramparts of the Red Fort, sets an ambitious frontier agenda in the Bay of Bengal and the Arabian Sea. It aims to unlock 600-1,200 million metric tonnes of oil and gas reserves through the drilling of nearly 40 wildcat wells. For the first time, India will systematically open up its complex offshore frontiers — from the Bay of Bengal to the Arabian Sea — with a framework that de-risks investment by allowing recovery of up to 80 per cent of costs in the case of dry wells, and 40 per cent upon commercial discovery. This initiative is part of a broader blueprint that could triple domestic oil and gas output to 85 million tonnes by 2032 and double national reserves to between one and two billion tonnes. Offshore common infrastructure will be created on a plug-and-play basis to unlock an additional 100-250 billion cubic metres of gas in place, equivalent to nearly 8 million tonnes of production. Together, these measures will not only monetise previously stranded discoveries but also build an Atmanirbhar E&P ecosystem where the share of local supply chains rises from today’s 25-30 per cent to over 70 per cent. This is India’s most comprehensive upstream overhaul since Independence.
At the same time, India has emerged as a global leader in energy transition. India has reached the 50 per cent clean-power mark in 2025 – five years ahead of the 2030 target. Biofuels and green hydrogen are moving from pilots to production; ethanol blending and CBG scale-up are building a new rural-industrial backbone; LNG infrastructure continues to expand. The civilian nuclear sector has been opened to private participation. Currently, 10 new nuclear reactors are operational, and India aims to increase its nuclear energy capacity tenfold by the 100th year of its independence.
The PM’s announcement of the National Critical Minerals Mission marks a watershed in our industrial strategy. As the world recognises the strategic value of lithium, rare earths, nickel and cobalt, India has launched exploration at 1,200+ sites and is structuring partnerships, processing and recycling so that renewable power, semiconductors, EVs and advanced defence are never hostage to external choke-points.
National security was the other pillar of the Red Fort charter. Operation Sindoor displayed India’s military prowess in real time, ending the era of nuclear blackmail and sending a message that aggression will be met with swiftness and sophistication. The reversal of the Indus Waters Treaty is a bold assertion of sovereignty. The unveiling of Mission Sudarshan Chakra, inspired by Lord Krishna shielding Arjun on the battlefield, is emblematic of Modi’s style — civilisational symbolism married to cutting-edge technology. A multi-layered indigenous security shield will protect India’s critical institutions from cyber, physical and hybrid threats.
The PM also did not shy away from hard truths. He urged industry and farmers to embrace self-reliance and make balanced use of fertilisers. While India is the pharmacy of the world, producing 60 per cent of global vaccines, this must now translate into leadership in new medicines, vaccines, and devices. This sits alongside a push in biopharma under the BioE3 policy, where our ambition is to patent and produce medicines that are affordable and world-class.
Equally bold are the announced tax and legal reforms. It is telling that the Income Tax Act of 1961, a relic of that era, is now being replaced. The new Income Tax Bill is reducing complexity, abolishing 280 redundant sections, and offering relief up to Rs 12 lakh. The introduction of faceless assessment has made the system transparent, efficient, and incorruptible. GST 2.0, to be launched by Diwali, will further rationalise rates and boost compliance. Alongside the abolition of over 40,000 unnecessary compliances, repealing more than 1,500 outdated laws, and the Insolvency and Bankruptcy Code, this represents the dismantling of Nehru’s economic cage. Direct Benefit Transfers — touching over 25 crore beneficiaries — have embedded accountability into welfare, and more than 250 million Indians have been lifted out of poverty.
The focus on employment has been brought to the centre stage. The PM Viksit Bharat Rozgar Yojana launches with an outlay of Rs 1 lakh crore; newly employed youth will receive Rs 15,000 per month, companies that generate fresh jobs will be incentivised, and the programme aims to reach about 3.5 crore young Indians. To translate ambition into reality, the PM has unveiled a Task Force for Next-Generation Reforms — a body designed to re-engineer the ecosystem of economic activity. Its mandate is to slash compliance costs that weigh down our startups and MSMEs, to liberate enterprise from the shadow of arbitrary action, and to streamline a thicket of laws into a framework that is simple and predictable.
The reforms announced on August 15 are not about tomorrow’s headlines but about the India of 2047. As the PM reminded us, the world is watching an ancient civilisation transform into a modern power — not by abandoning its roots but by drawing strength from them.
The writer is the Union Minister for Petroleum & Natural Gas
