World talking about India's $5-trn economy goal instead of 'Fragile 5': PM

Says share of India in world GDP increased from 2.4% to 3.1% in last four years

Speaking at an event on Friday, Prime Minister Narendra Modi said: "You will remember four years ago, when India was talked about, it was counted among 'Fragile 5' economies. Today, world is talking about India's $5-trillion economy aim and not 'Fragile 5' status." 

"India is performing well in all economic aspects and has seen gross FDI inflow of $209 billion during last 4 years ever since NDA government took over," he said at Economic Times'  Global Business Summit event.

He said share of India in world GDP increased from 2.4% to 3.1% in last four years.

"In pre-GST days, only 6 million traders were in indirect tax net but after seven months of GST, the number is about 10 million. The GST has given India a nation of honest businessmen, and it's given rewards to honest taxpayers. We are solving insolvency and chronic capitalism," he added.

"While the previous government connected only 59 panchayats through optical fibre, our government in just three years connected more than 110,000 village panchayats through optical fibre," he said. 

"Railways, roads, power lines are being laid at twice the speed of what the previous government achieved," the PM said.

"SIT report said imports, exports were suffering from over-invoicing. NDA government has taken stringent steps to address this issue and we are seeing signs of improvement in export numbers," Modi added.

"India contributes 21% to world growth despite being just 3% of global economy. All macro indicators of fiscal deficit, current account deficit, FDI inflow tell a story of India growth," he said.