Union Home Minister Amit Shah on Saturday said that India will become a $5 trillion economy by 2025, and the third largest economy in the world by 2027.
“In the last eight years, India has achieved the feat of becoming the 5th largest economy from the 11th rank it held earlier, leaving Britain behind,” he said.
The Union home minister made the remark at an event in Chennai. He further cited a report by Morgan Stanley that predicted India will become the third largest economy in the world by 2027.
“According to a recent report by Morgan Stanley, India is set to become the third biggest economy in the world by 2027. For this, infrastructure is very important. Because of effective and transparent policies, the Modi government has achieved a lot in different sectors in the last eight years,” Amit Shah said.
Even a recent study conducted by Morgan Stanley predicts that no one can stop the Indian economy from holding the 3rd rank in the world by 2027,” the home minister said.
India is on track to become the world’s third-largest economy by 2027, according to various estimates by economists and financial institutions. This would be a significant achievement for India, as it would surpass two of the world’s largest economies, Japan and Germany.
“Be it in the space sector, drone sector, or making India the hub of defense manufacturing, Prime Minister Narendra Modi has brought about major changes in the existing policies,” he added.
“Be it making policies for the coal sector, the commercial mining sector, for start-ups or for pushing the banking sector ahead-the Modi govt has introduced a slew of effective and transparent policies,” he said.
Reiterating that to strengthen research and development the Modi government has introduced new policies in different sectors, he said “I will give only one example here-when the entire world was battling the pandemic of the century, India was one among the few countries that produced its own vaccine. Not only that, till now India has administered 225 crore doses and has helped 85 countries to move out of the crisis by sending vaccines to them.“
He also said that due to the poverty alleviation programs of the Modi government more than 60 crore people in India have started contributing to the economy.
“Earlier they were so entangled in fighting their day-to-day battle in poverty that they could hardly think of contributing to the economy. But the Narendra Modi government has given every such household toilet facility, power connection, homes, gas connection and even health expenditure up to 5 lakhs is provided by the government today,” he said.
“ The achievements of India are today acknowledged by the entire world. The IMF has labeled India as a bright spot in a dark zone,” he said.