India, Aug. 17 -- This was Prime Minister Narendra Modi's 13th address from the ramparts of the Red Fort. The previous twelve were built largely for a domestic audience. This one was not. It was a global speech - and that distinction matters.

Three words anchored the address: self-esteem, self-confidence, self-reliance. Around them, the Prime Minister built a case for three assets - semiconductors, critical minerals and energy. On semiconductors, he spoke of scaling from three plants to eight. On minerals, of joint ventures to secure supply chains India doesn't control today. On energy, he split the pitch into nuclear power and exploration - moving India from 'no-go' to 'all-go' zones, unlocking roughly a million square kilometres in the...