India is 4th largest economy, was 11th when I took oath: PM Modi
In a significant milestone, India has surpassed Japan to become the fourth-largest economy in the world, with a GDP of $4.19 trillion. This achievement was announced by Prime Minister Narendra Modi during his visit to Bhuj on Monday. The PM took the opportunity to highlight the remarkable transformation of the Indian economy, stating that when he took oath as Prime Minister 11 years ago, India was ranked 11th in the global economy.
The Prime Minister’s remarks are a testament to the country’s remarkable progress and growth under his leadership. The Indian economy has shown significant resilience and adaptability, navigating through the challenges posed by the COVID-19 pandemic and emerging stronger. The country’s rise to the 4th spot is a reflection of its growing importance in the global economy, and it is expected to continue its upward trajectory in the coming years.
India’s emergence as the 4th largest economy is a significant achievement for several reasons. Firstly, it underscores the country’s growing economic strength and its potential to become a global economic powerhouse. Secondly, it highlights the success of the government’s economic policies and initiatives, which have aimed to boost economic growth, create jobs, and improve the overall standard of living for the Indian people.
The Prime Minister’s statement is also significant because it highlights the country’s ability to adapt and innovate in the face of global challenges. The COVID-19 pandemic has had a profound impact on the global economy, with many countries experiencing significant economic contractions. However, India has shown remarkable resilience, and its economy has continued to grow, albeit at a slower pace.
The Prime Minister’s statement is also a testament to the country’s potential for further growth and development. According to Niti Aayog, India’s think tank, the country is expected to become the third-largest economy in the world in the next 2-3 years. This projection highlights the country’s potential for continued growth and its ability to emerge as a major economic player in the global economy.
The Indian economy’s growth is driven by several factors, including its large and young population, its growing middle class, and its increasing participation in global trade. The country’s IT sector, in particular, has been a major driver of growth, with Indian companies such as Tata Consultancy Services, Infosys, and Wipro playing a significant role in the global technology landscape.
The country’s growth is also driven by its infrastructure development, with significant investments being made in areas such as roads, highways, and ports. The government’s initiatives such as the Bharatmala Pariyojana Scheme, which aims to build 35,000 km of roads, and the Sagarmala Scheme, which aims to develop 120 major ports, are expected to further boost economic growth.
In conclusion, India’s emergence as the 4th largest economy in the world is a significant achievement, and it marks a major milestone in the country’s economic journey. The Prime Minister’s statement highlights the country’s remarkable progress and growth under his leadership, and it underscores its potential to become a major economic player in the global economy. As India continues to grow and develop, it is expected to play an increasingly important role in the global economy, and its emergence as the 4th largest economy is a significant step in that direction.
