India will soon be among the top three economies of the world: PM Modi

India will soon be among the top three economies of the world, and its missions on artificial intelligence, semiconductor and quantum computing are becoming the new engines of growth, Prime Minister Narendra Modi has said. In an address at a gathering of the Indian diaspora on Thursday, Modi said India is a land of opportunities today, and the fruits of its growth and progress are reaching the "most needy". "For New India, even the sky is not the limit", he added.

In his address, the prime minister also highlighted the resilience of the Indian economy and its upward trajectory. "India is the fastest-growing major economy in the world. Soon, we will be among the top three economies of the world. The fruits of India's growth and progress are reaching the most needy," he said. The prime minister said India has shown that poverty can be defeated by empowering the poor and that crores of people, for the first time, have developed the confidence that the country can be freed from poverty. Modi said India's growth is being powered by its "innovative and energetic" youth.

"Today, India is the third-largest startup hub in the world. Nearly half of these startups also have women as directors. Nearly 120 startups have got unicorn status," he said. "National missions for AI, Semiconductor and Quantum computing are becoming the new engines of growth. In a way, innovation is becoming a mass movement," he noted. Modi also showcased India's Unified Payments Interface (UPI), saying it has revolutionised digital payments. "Nearly 50 per cent of the world's real-time digital transactions take place in India. I congratulate Trinidad and Tobago for being the first country in the region to adopt UPI." The prime minister also outlined India's rapid development and transformation in the fields of infrastructure, defence and manufacturing.

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