India progressing towards becoming the third largest global economy at a rapid pace: PM Modi
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Prime Minister Narendra Modi today said that India is progressing towards becoming the third largest economy in the world at a rapid pace. Inaugurating the Vibrant Gujarat Regional Conference for Kutch and Saurashtra Region, PM Modi said the current political stability, and policy continuity, is making India a nation of unlimited possibilities.
“In the last few years, India has made a rapid progress and Gujarat has played a major role in this. India is progressing towards becoming the third largest economy in the world at a rapid pace,” Modi said in his address.
“The datasets clearly indicate that the global expectations from India are on the rise. India is currently the fastest growing large economy. Inflation is under control, and fresh records are being made in agricultural production. India is No. 1 in milk production and generic medicine manufacturing. The country which makes the maximum numbers of vaccines in the entire globe, is India,” PM Modi said.
“India’s growth factsheet is the success story the reform, perform, and transform mantra,” Modi added.
“In the last eleven years, India has become the largest mobile data consuming nation. Our UPI is the world’s No. 1 real-time digital transaction platform. Earlier, we used to import nine out of 10 mobiles. Today, India is the world’s second largest mobile manufacturer,” Modi said.
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“We have the third largest startup ecosystem. We are the third largest aviation market and rank among the top three in metro network,” Modi added.
The PM said the global institutions are bullish about India. “IMF considers India as the engine of global growth. S&P has upgraded India’s ratings after 18 years. Fitch Ratings has praised India’s macro stability and fiscal credibility,” he added.
“India commands faith because amid great global uncertainty, we are witnessing an era of unprecedented certainty. We have political stability, policy continuity, and an expanding neo-middle class, which have made India a nation of unlimited possibilities,” Modi said, adding that this is the right time for global and domestic investors to make use of the opportunity presented by India.
It may be noted that India recently surpassed Japan to become the world’s fourth-largest economy and is set to replace Germany from the third rank in the next 2.5 to three years.
“With GDP valued at $4.18 trillion, India has surpassed Japan to become the world’s fourth-largest economy and is poised to displace Germany from the third rank in the next 2.5 to 3 years with projected GDP of $7.3 trillion by 2030," said a release from the government last month.