India rapidly moving towards becoming world’s third-largest economy: PM Modi
PM Modi’s statements on India’s economic growth.
Prime Minister Narendra Modi stated that India is rapidly moving towards becoming the world’s third-largest economy. Speaking at the 16th edition of the Rozgar Mela on July 12, 2025, he highlighted the country’s progress across various sectors over the past 11 years.
India’s current economic standing and growth projections.
India is currently ranked as the world’s fourth-largest economy by nominal GDP.
The International Monetary Fund (IMF) and other organizations project India to overtake Japan in 2025 and Germany by 2027-28 to become the third-largest economy globally.
India’s economy is expected to expand at a steady rate of around 6.2% in 2025 and 6.3% in 2026, making it the fastest-growing major economy worldwide.
This growth is primarily driven by strong domestic demand, particularly in rural areas, robust private consumption, and a thriving manufacturing sector.
Key factors contributing to India’s economic growth:
Manufacturing sector: Modi emphasized the manufacturing sector as one of India’s greatest strengths, with the government implementing initiatives like the Employment Linked Incentive scheme and promoting indigenous manufacturing to boost employment and production.
Government Welfare Schemes: Welfare programs like the Pradhan Mantri Awas Yojana, which aims to provide affordable housing, are also seen as contributing significantly to employment generation, particularly in rural areas.
Infrastructure development: The government is focusing on investing in and improving infrastructure, including transportation and digital networks, which is crucial for continued economic growth.
Challenges and considerations:
Despite strong growth, India faces challenges such as poverty, unemployment, income inequality, and infrastructure deficits.
Ensuring inclusive growth that benefits all segments of society, addressing unemployment, and tackling issues like inflation and environmental sustainability are crucial for sustained and equitable economic development.
In conclusion, while PM Modi’s statement reflects the optimistic outlook for India’s economic future, it’s important to acknowledge the multifaceted nature of the country’s economic landscape, encompassing both significant growth potential and persistent challenges that require careful attention and policy intervention.
