Prime Minister Narendra Modi on Sunday said India is moving rapidly towards becoming the world’s third-largest economy, underlining controlled inflation, strong macroeconomic fundamentals and growing global confidence despite worldwide uncertainty.
Speaking at the Vibrant Gujarat Regional Conference in Rajkot, Modi mentioned how India stands out at a time when several parts of the world are facing instability. He said, "Inflation is under control, macro stability is strong, and India today stands out with unprecedented certainty," contrasting India’s political stability with turbulence in neighbouring countries.
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Fastest-growing economy with rising global hopes
Referring to the growing economy of India, Modi said, "India is the world’s fastest-growing economy. Global hopes are rising." He pointed to a series of sectoral milestones that underline India’s expanding economic footprint.
Modi listed that India is the world’s leading producer of milk, generic drugs and vaccines. It is also the largest consumer of mobile data in the world and home to the world’s largest digital payments system in terms of UPI. Also, in manufacturing, India is the second-biggest producer of mobile phones in the world and among the three largest markets for solar power and civil aviation capacity in the world.
Global institutions bullish on India’s growth
Modi said international institutions have taken note of India’s economic performance. He said, “This is why global institutions are bullish on India,” adding, “The IMF calls India the engine of global growth. S&P has upgraded India after 18 years. Fitch praises our macro stability and fiscal credibility.”
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Echoing the optimism, Union Home Minister Amit Shah on Saturday said India is on track to become the world’s third-largest economy by next year. Speaking at a global expo summit in Jaipur, Shah said, "The dream of an Atmanirbhar Bharat will only place India as the biggest economy in the world one day. PM Modi started leading this country when we were the 11th biggest economy, but today we are in fourth place in the world. I am sure we will become the third biggest economy by next year."
Shah also stressed the need to promote domestic products and prioritise mother tongues across sectors, saying these are essential steps towards achieving the goal of “Atmanirbhar Bharat”. He said, "To make India a self-reliant country, we need to promote and increase the usage of domestic products while prioritising our mother tongues in every sector. Our own languages keep our culture and ideas alive."
