India Poised to Become World’s Third-Largest Economy
Finance Minister Nirmala Sitharaman announced on Tuesday that India is rapidly advancing toward becoming the world’s third-largest economy, highlighting the nation’s exceptional economic growth trajectory.
Key Takeaways
- India projected to become third-largest global economy soon
- Rapid ascent from 10th largest economy in 2014 to current position
- 25 million people lifted out of multi-dimensional poverty
- Public sector banks show significant balance sheet improvement
Sustained Economic Momentum
Addressing students at Delhi School of Economics, Sitharaman emphasized that India’s economic strength has enabled the country to stand distinctly on its feet. The Finance Minister noted the remarkable progress from being the tenth largest economy in 2014 to currently ranking among the top five globally.
“What is making us literally stand out is the fast movement from the tenth largest economy in 2014 to fifth and the fourth, and now sooner, probably to the third,” she said.
Poverty Reduction and Banking Reforms
The government has successfully lifted 25 million citizens out of multi-dimensional poverty, marking significant progress in social development.
Sitharaman also highlighted the substantial improvement in public sector banks’ balance sheets, contrasting with the twin balance sheet problem that plagued the banking sector 7-8 years ago.
