India to soon become world's third-largest economy: FM Sitharaman

Finance Minister Nirmala Sitharaman said India has grown from the 10th to the 5th-largest economy since 2014 and is on track to become the third-largest in the world soon

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India will soon become the world’s third-largest economy, Finance Minister Nirmala Sitharaman said on Tuesday, adding that the country stands tall today because of its economic strength.

 

Speaking at an event at the Delhi School of Economics, Sitharaman said, “We are at a time when India is moving fast on so many different parameters, largely economic. Of course, India and its population, India and its location on the global map have strategic significance. But India stands together today and stands tall and distinct on its feet because of its economic strength.”

 

She added, “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.”

 

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

 

Sitharaman also said significant efforts are underway to reform customs regulations.