Key Points

“While 11 years ago, the country was lagging behind in every way, during the Modi government, it is touching the heights of development, and the far-reaching changes of his government's policies have left no section of society untouched, the minister further stated.

This period has proved to be a symbol of good governance through service in the direction of the poor, youth, farmers and women empowerment. Sabka Saath, Sabka Vikas, Sabka Vishwas, Sabka Prayas, this is not just a mantra but the strength of the new India, he said.

Under the guidance of Prime Minister Narendra Modi, India is continuously moving ahead on the path of becoming developed by leading the world with rapid development, comprehensive change and public participation. The minister was referring to the fact that India has emerged as the fastest-growing economy in the world.

The IMF stated in its World Economic Outlook report last month that India is poised to become the world’s fourth-largest economy in 2025, with the country’s nominal GDP rising to $4,187.017 billion to surpass Japan’s GDP pegged at $4,186.431 billion.

According to the report, India continues to be the world’s fastest-growing major economy and the only country expected to clock over 6 per cent growth in the next two years.

The high rate of growth will see India’s GDP increasing to $5,584.476 billion in 2028 as it overtakes Germany to become the third-largest economy.

The IMF has projected a zero growth rate for Germany in 2025, followed by 0.9 per cent in 2026 as it is expected to be hit the hardest among the European countries due to the ongoing global trade war. Germany’s GDP is projected at $5,251.928 in 2028.

Japan, on the other hand, is expected to be hard hit by the global trade war, with its growth stagnating at 0.6 per cent for 2025 and 2026.

- IANS