Wearing a colourful turban, Modi delivered a speech at the 17th-century Mughal-era Red Fort in New Delhi, where he said his government had lifted more than 130 million people out of poverty and that India's growing prosperity was an opportunity for the world.

“When poverty decreases in a country, the strength of the middle class increases rapidly. I promise that in the next five years, India will be among the top three economies in the world,” he said.

Modi's remarks came after reports last year by S&P Global and Morgan Stanley predicted that India's economy would overtake Japan and Germany to become the world's third-largest by 2030. They said India's economic boom would be driven by offshoring, investment in manufacturing, growth in digital infrastructure and energy transition.

India's $3.5 trillion economy overtook Britain last year to become the fifth-largest economy. Modi said he was confident that when India celebrates 100 years of independence in 2047, it will do so as a developed country.

The government estimates that India's economy will grow by 6-6.5% this year, making it one of the fastest-growing major economies in the world. But despite steady economic growth, Modi's government has struggled to allay fears of rising unemployment.

The conditions put pressure on Modi's government to create enough jobs, especially ahead of the 2024 general elections, which the Hindu nationalist Bharatiya Janata Party is expected to win.

According to the Centre for Monitoring the Indian Economy, India's unemployment rate has reportedly increased over the past year, reaching 8% last month.