India To Be 3rd-Largest Economy Soon, Says PM Modi

Prime Minister Narendra Modi declared that India's economy would soon rank third in the world and that the government would keep implementing reforms to turn the country into a developed one by 2047.

According to PTI, before this Diwali, Modi promised, the next-generation GST reform process would be finished.  It will lower prices and simplify the GST law.

The prime minister requested more funding from the private sector for research and development in a number of areas, such as biotechnology, new materials, battery storage, sustainable energy, and quantum technologies.

Speaking at the Economic Times World Leaders Forum, the Prime Minister said India is the fastest-growing major economy in the world today.

"We are soon going to become the third-largest economy in the world. Experts are saying that India's contribution to the world's growth is going to be around 20 per cent very soon," he noted.

According to Modi, the macroeconomic stability over the past ten years is what has allowed the Indian economy to thrive and remain resilient.

PTI reported that regarding important economic factors, the prime minister stated that despite the COVID pandemic's hurdles, India's fiscal deficit has been lowered to 4.4 per cent.

He noted that Indian businesses are raising unprecedented amounts of money from the stock markets. He said that banks are now much stronger, that interest rates are low, that inflation is quite low, and that the current account deficit is under control. He also mentioned that foreign exchange reserves are robust.

According to the Prime Minister, thousands of crores are invested in the capital market each month by thousands of local investors using SIPs.

Strong economic foundations have a beneficial effect everywhere, he continued.

Modi pointed out that the most formal jobs ever added in a single month—22 lakh—were reported in the most recent June EPFO data.

This is the lowest amount of retail inflation since 2017.

"For us, reforms are neither a compulsion nor crisis-driven, but a matter of commitment and conviction," he said.

Modi said the government evaluates and assesses each sector in a holistic manner before undertaking a series of reforms.

The Prime Minister said that during the just concluded Mosnoon session of parliament, the government continued with reforms despite disruptions caused by the Opposition parties.