India Set to Become Third Largest Economy in the World, Declares PM Modi

Prime Minister Narendra Modi expressed unwavering confidence in India's economic prowess, asserting that the nation is poised to become the third largest economy in the world during his third tenure. Addressing the Motion of Thanks to the President's Address in Parliament, PM Modi outlined his vision for a prosperous India, laying the foundation for a thousand years of growth.

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India's Remarkable Economic Journey

PM Modi highlighted India's remarkable economic transformation, noting that the country has ascended from being the 11th largest economy in 2014 to the 5th largest economy in the world today. This remarkable achievement, he emphasized, is a testament to the nation's rapid progress and the government's unwavering commitment to economic growth.

Surpassing the UK and Beyond

In September 2022, India surpassed the United Kingdom to secure its position as the fifth-largest economy globally. PM Modi acknowledged this significant milestone and expressed his unwavering belief that India will continue its upward trajectory, becoming the third largest economy in the world during his third term.

A Dig at the Congress Party

PM Modi took a subtle dig at the Congress party, recalling that during their tenure in 2014, the then Finance Minister had projected that it would take India three decades, until 2044, to achieve the status of the third largest economy. He expressed pity for such limited thinking and assured the nation that his government would not take 20 years to accomplish this goal.

Contrasting Leadership and Vision

PM Modi drew a sharp contrast between his government's ambitious vision and the perceived lack of ambition during the previous Congress government. He emphasized his unwavering faith in the abilities of the Indian people, highlighting the significant achievements of his first two terms, including undoing the shoddy work of the previous government and laying the foundation for a new India.

Transformative Initiatives and Progress

PM Modi outlined several transformative initiatives undertaken by his government, including the introduction of GST, the promotion of digitalization, the completion of pending schemes, and the abolition of over 40,000 compliances. He also highlighted the significant reduction in poverty, with approximately 25 crore people lifted out of poverty, and the addition of 18 crore new subscribers to the EPFO.

India's Growing Global Stature

PM Modi emphasized India's growing status as a hub of innovation, research, and manufacturing. He stressed the importance of self-reliance in green energy and taking the lead in semiconductors, as these initiatives would create quality jobs and contribute to the nation's economic growth.

Addressing Inflation and Global Challenges

PM Modi acknowledged the challenges of inflation, particularly during the Congress era when it often reached double digits. He asserted that his government has effectively managed inflation despite facing two wars and the Covid-19 pandemic, while also contending with ongoing conflicts like the Russia-Ukraine war and the Israel-Hamas war.

Conclusion: A Resurgent India

Prime Minister Narendra Modi's unwavering confidence in India's economic potential is a beacon of hope for the nation. His vision for a prosperous and self-reliant India, coupled with the government's transformative initiatives and commitment to economic growth, positions India as a global economic powerhouse poised for even greater achievements in the years to come.