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India's Economic Ascent: How We're Becoming World's 3rd Largest Economy

India is on a remarkable economic journey that's capturing global attention. From being the 10th largest economy in 2014, we've climbed to 5th position and are now poised to become the world's third largest economy. This progress is backed by solid achievements including lifting 25 million people out of poverty and strengthening our banking sector. With fiscal discipline and continued reforms, India's economic story is just getting started.

Key Points: India to Become World's Third Largest Economy Soon Sitharaman

  • India rose from 10th to 5th largest economy since 2014 with rapid progress
  • 25 million people lifted out of multidimensional poverty through government initiatives
  • Public sector banks show significant improvement over previous twin balance sheet problem
  • Government confident of meeting 4.4% fiscal deficit target for current financial year
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India to become world's 3rd largest economy soon: FM Sitharaman

Finance Minister Nirmala Sitharaman announces India's rapid economic progress from 10th to soon 3rd largest global economy, highlighting poverty reduction and fiscal stability.

India to become world's 3rd largest economy soon: FM Sitharaman
"What is making us stand out is the rapid progress from being the 10th-largest economy in 2014 to the 5th, soon to become the 4th, and probably the 3rd before long - Nirmala Sitharaman"

New Delhi, Nov 4

Finance Minister Nirmala Sitharaman said on Tuesday that India will soon become the world's third-largest economy as the country is making rapid progress and stands tall today because of its economic strength.

Delivering the diamond jubilee valedictory lecture at the Delhi School of Economics, Sitharaman said, "We are at a time when India is moving fast on so many different parameters, largely they are all economic. Of course, India and its population, India and its location have strategic significance, but India stands together today and stands tall and stands distinctly on its feet, because of the economic strength of India."

"I am not saying we have become a developed country yet, because Viksit Bharat 2047 lies ahead of us. What is making us stand out is the rapid progress from being the 10th-largest economy in 2014 to the 5th, soon to become the 4th, and probably the 3rd before long," the Finance Minister said.

She highlighted that as many as 25 million people have been lifted out of multidimensional poverty, emphasising the need to strengthen India-centric research and policy engagement and develop models suited to emerging economies.

The Finance Minister also said significant efforts are underway to reform customs regulations.

Highlighting the achievements in the banking sector, she underlined the significant improvement in the balance sheets of public sector banks in marked contrast to the "twin balance sheet problem" that had been inherited from the erstwhile UPA government.

Sitharaman expressed confidence that the government would meet the ambitious fiscal deficit target of 4.4 per cent for the current financial year (2025-26).

India's fiscal deficit for the first six months of the current financial year (April-September) stood at Rs 5.73 lakh crore, which constitutes 36.5 per cent of the annual estimate in the budget, a government data released on Friday showed.

The figures show that the fiscal deficit is well under control, which paves the way for stable growth of the economy.

- IANS

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Reader Comments

P
Priya S
While the economic growth is commendable, I hope this translates to better quality of life for all Indians. The gap between rich and poor is still concerning. Let's ensure development reaches the last person in line.
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Arjun K
25 million people out of poverty is the real achievement here! Economic numbers matter, but human development matters more. Hope this momentum continues and we become truly developed by 2047.
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Sarah B
As someone working in the banking sector, I can confirm the massive improvements. The turnaround in public sector banks is remarkable. Much better than the NPA crisis we had earlier.
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Vikram M
Customs reforms are much needed! Doing business in India is becoming easier, but there's still room for improvement. Good to see the government focusing on practical issues that affect trade and industry.
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Michael C
The fiscal deficit control is crucial for long-term stability. Hope the government maintains this discipline while continuing infrastructure spending. Balanced approach is key for sustainable growth.
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Ananya R
Let's not forget the challenges ahead though. Becoming 3rd largest economy is great, but we need to focus on per capita income, healthcare, and education. The real test is whether ordinary Indians feel this progress in their daily lives.

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