New Delhi: Prime Minister Narendra Modi on Friday addressed ‘What India Thinks Today’ (WITT) Global Summit, highlighting India’s rapid economic growth. Speaking at the mega platform of TV9 Network, he announced that India had become one of the top five largest economies in the world.
PM Modi said that while India was the 11th largest economy for 70 years, it rose to the 5th position in just 7-8 years. He said, “The whole world is looking at India. Wherever you go in the world, people there are filled with a strange curiosity about India.”
He also said that India’s growth rate was the highest among all major economies. Setting a future goal, Modi declared his ambition to make India a developed nation by 2047.
India on track to cross $4 trillion GDP by 2025: PM Modi
The Prime Minister said that his focus on India’s economy and growth was not without reason. He said that by the end of 2025, India’s GDP was expected to exceed $4 trillion. He mentioned that financial institutions, including the International Monetary Fund (IMF) and the World Bank, had predicted that India would soon become the third-largest economy in the world.
Referring to the IMF report, PM Modi said, “IMF said that India is the only country among the major economies of the world that has doubled its economy. In the last 10 years, India has added 2 trillion dollars to its economy.”
IMF’s economic report on India
The IMF’s latest report revealed that India’s GDP had doubled over the last decade. According to the report, the country’s GDP was $2.1 trillion in 2015 and is projected to reach $4.27 trillion by the end of 2025. The IMF estimated India’s real GDP growth rate for 2025 at 6.5%, indicating strong and steady economic expansion.
On inflation, the IMF stated that it remained “an important factor affecting economic conditions.” The Reserve Bank of India (RBI) aimed to keep inflation within the 4-6% range.
PM Modi highlighted the positive impact of the GDP surge, saying that around 25 crore people had come out of poverty. He said that these individuals were now part of the new middle class, which was boosting the economy with increased consumption and productivity.
He also praised India’s young population, saying that they were becoming more skilled and driving innovation. He remarked that India’s growing influence was evident in its foreign policy, with global powers paying more attention to the country’s innovation and progress.
