The day India becomes the world's third largest economy is not far away.

Prime Minister Narendra Modi is confident that India will become the world's third-largest economy within his third term.

The day India becomes the world's third-largest economy is not far off. (Source: Elitebusiness Magazine)

Affirming that India is steadily progressing on its path to becoming the world's third-largest economy, Prime Minister Narendra Modi proudly stated on July 30th that investors from around the world are eyeing India. He urged domestic industries to rise strongly to seize the "golden opportunity" for growth and development, contributing to achieving the Viksit Bharat (Developed India) goal by 2047.

"India is growing at 8% and the day when the country becomes the world's third-largest economy from its current fifth position is not far off. Our government does not lack political will and will make every decision with the motto 'the nation first'," he added.

Prime Minister Modi also stated that his government has tripled the budget allocation in 10 years. While the most recent allocation, managed by his predecessor Manmohan Singh's government in 2014, was only 16 trillion Rupees (approximately $191.1 billion), “Ten years later, the 2024 Federal Budget under our management has been allocated 48 trillion Rupees (approximately $573.3 billion), three times that amount,” Prime Minister Narendra Modi proudly declared at the opening session of the 2024-25 Federal Budget Conference: "Journey Towards Viksit Bharat".

Prime Minister Narendra Modi also detailed a series of new measures implemented in this budget allocation for the 2024-25 fiscal year, asserting that India's current growth and stability are an exception in a world full of uncertainty.

“India is the only country with high growth and low inflation, and our fiscal prudence is a model for the world. Furthermore, India accounts for 16% of global growth. This result was achieved despite numerous blows to the economy over the past 10 years. India would be in an even higher position if these challenges had not occurred,” Prime Minister Modi confidently stated.

Regarding the government's new policies and initiatives, Prime Minister Modi also affirmed that wealth creators are the main driving force behind the Asian nation's growth story – a time when India's policies, commitments, determination, and investment decisions are becoming the foundation for global progress.

At the 2024-25 Federal Budget Conference, the Indian Prime Minister also announced that his call had spread to recent meetings with state ministers, "to create an investment-friendly environment, bring clarity to investment policies and, above all, to create a favorable atmosphere."

"The whole world is looking to India and you (Indian industry). Investors worldwide are eager to come to India. World leaders are full of enthusiasm for India. This is a golden opportunity for Indian industry and we should not miss it," Prime Minister Modi urged.

With high growth and low inflation, India is a beacon of growth and stability in a world grappling with high inflation and low growth, along with a host of other geopolitical challenges.

Regarding the challenging issue of young labor and employment, the Indian Prime Minister announced a government budget package worth 2 trillion Rupees. He expressed confidence that this package would provide a comprehensive solution, "benefiting approximately 40 million young people." Prime Minister Modi cited India as having 140,000 startups employing hundreds of thousands of young people. He also mentioned that over 80 million people have started businesses with the help of programs such as Mudra Yojana, Startup India, and Standup India.

Reiterating the various measures announced in the budget plan, particularly to boost the development of the SME sector and create millions of jobs, Prime Minister Modi also urged Indian industry to work alongside the government to transform Asia's leading economy into a developed nation by 2047 and a global competitor in emerging sectors.

"Opening new avenues for progress, the Indian government is highly focused on skills and employment development and is always mindful of Industry 4.0 standards," said Prime Minister Narendra Modi.

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