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From 'Fragile 5' to Top 5: Modi's Sweeping Reforms Reshape India's Economic Landscape

Prime Minister Narendra Modi has highlighted India's remarkable economic journey from the 'Fragile Five' to a top global economy through comprehensive reforms. The government's strategic interventions in banking, digital finance, and taxation have fundamentally transformed India's economic landscape. Initiatives like Jan Dhan accounts, GST reforms, and UPI have dramatically increased financial inclusion and transparency. These reforms have positioned India as a global leader in digital transactions and economic innovation.

Key Points: Modi Reforms Transform India Economy Banking Digital Finance UPI Growth

  • Banking sector democratized with 50 crore Jan Dhan accounts
  • GST reforms save Rs 2.5 lakh crore annually
  • India leads global digital transactions with UPI
  • Indigenous 4G technology stack deployed across BSNL infrastructure
2 min read

From 'Fragile 5' to top 5, India doubles down on reforms across sectors: PM Modi

Prime Minister Modi highlights India's economic transformation from 'Fragile 5' to top global economy through strategic sector-wide reforms and digital innovation.

"Digital transactions have made India one of the most inclusive countries in terms of finance - PM Narendra Modi"

New Delhi, Oct 17

Prime Minister Narendra Modi on Friday said that from a 'Fragile Five' economy before 2014, India has emerged as one of the top five economies of the world, owing to the reforms across sectors undertaken by the government over the past decade.

Hailing the banking sector reforms, PM Modi said banks were nationalised during former Prime Minister Indira Gandhi's tenure, with the argument that banking has to reach the poor. But in reality, banks moved away from the poor.

"In 2014, when we came to power, half of India's population did not have a bank account. We democratised the banking system and opened more than 50 crore Jan Dhan accounts in mission mode. We brought reforms into the banking sector," the Prime Minister said while addressing the NDTV World Summit 2025 here.

"Digital transactions have made India one of the most inclusive countries in terms of finance," he added.

PM Modi hailed the income tax and GST reforms and said that a saving of Rs 2.5 lakh crore is guaranteed with these reforms in place. He added that because of GST, sales have broken all past records in the festive season.

The GST reforms have led to lower prices, smoother credit flow, resolution of tax inversion issues and reduced disputes, ultimately cutting costs for producers and consumers alike.

Lauding the transformation of state-run BSNL, PM Modi said India is among the top five countries which has their own 4G stack. The operational rollout of the 4G stack has improved connectivity in rural and remote areas, enhancing broadband coverage and inclusion.

India's fully indigenous 4G technology stack, namely Bharat Telecom Stack, has been deployed across about 1 lakh BSNL towers, and it has been proven ready for global exports.

Citing the success of UPI, PM Modi said India has proved everyone wrong and today, world's 50 per cent digital transaction happens in India, and UPI dominates the global digital payments market.

- IANS

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Reader Comments

R
Rohit P
While the progress is commendable, I wish the government would also focus more on job creation. Economic growth numbers are good, but we need more employment opportunities for our youth. The reforms should translate into better livelihoods.
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Arjun K
UPI has completely transformed how we do transactions! From street vendors to big malls, everyone accepts digital payments now. India is truly leading the world in fintech innovation. Proud moment for every Indian! 💪
S
Sarah B
As someone who has lived in India for 5 years, I've witnessed this transformation firsthand. The banking and digital infrastructure improvements are remarkable. The ease of doing business has improved significantly.
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Vikram M
GST implementation was challenging initially, but it has definitely streamlined business operations. The reduction in logistics time and paperwork has been a huge relief for small businesses like mine.
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Kavya N
The indigenous 4G stack development is a massive achievement! No more dependency on foreign technology for critical infrastructure. This is true Aatmanirbhar Bharat in action. Jai Hind! 🙏

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