In a significant announcement that underscores India's economic resurgence, Prime Minister Narendra Modi revealed the country's remarkable transformation from being labeled among the 'Fragile Five' economies to now ranking among the world's top five economic powerhouses.
The Prime Minister made this declaration during his address at the ET Now Global Business Summit, where he emphasized how India has successfully navigated global challenges and emerged as a beacon of economic stability and growth.
The Infrastructure Revolution
PM Modi highlighted the unprecedented scale of infrastructure development as a key driver of this economic transformation. "In the last 10 years, we have built infrastructure at a pace that is 3-4 times faster than before," he stated, pointing to the massive investments in roads, railways, ports, and digital connectivity that have created a solid foundation for sustainable growth.
Global Confidence in India
The Prime Minister emphasized that the world's faith in India's economy has been completely restored. "Today, the world's outlook toward India has transformed. From once being seen as a risk, we are now viewed as an opportunity and a reliable partner," he noted, adding that this shift in perception has attracted significant foreign investment and strengthened India's position in global supply chains.
Comprehensive Economic Reforms
The government's multi-pronged approach to economic reforms has played a crucial role in this turnaround. Key initiatives include:
- Implementation of GST creating a unified national market
- Insolvency and Bankruptcy Code resolving stressed assets
- Digital infrastructure boosting financial inclusion
- Production-linked incentives boosting manufacturing
- Infrastructure push creating multiplier effects across sectors
This economic success story comes at a time when many developed economies are facing challenges, making India's achievement even more significant in the global context.
