India will strive to become a developed country within 25 years, Prime Minister Narendra Modi said in an address to the nation on the 75th anniversary of its independence from British colonial rule, Reuters reported.

 Modi urged young people to "aim big" and give their best years to the country's cause. "We must turn India into a developed country in the next 25 years, in our lifetime," Modi, 71, said. "It's a big resolution, and we should work towards it with all our might."

The World Bank currently classifies India as a lower-middle-income country, reserved for countries with a gross national income per capita of $1,086 to $4,255. High-income countries, such as the United States, have per capita incomes of $13,205 or more.

India is the world's sixth-largest economy, and it is expected to grow more than 7 percent in the current fiscal year ending March 2023, the fastest growth rate among major economies.

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

With about 1.4 billion people, India is expected to surpass China and become the world's most populous country next year.