India is the world's sixth-largest economy and is expected to grow at over 7 percent 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.
With about 1.4 billion people, India is expected to surpass China as the world's most populous country next year.
Countries like the United States already see India as a future challenger to China's dominating influence in Asia and beyond. US President Joe Biden on Sunday congratulated India for its national day and said the United States and India were "indispensable partners" that would continue to work together to address global challenges in the years ahead.
India's neighbour Pakistan, which was part of British India and became independent at the same time, celebrated its independence day on Sunday.
