Is India Poised to Become the World’s 3rd Largest Economy Soon?
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Synopsis
India is on the fast track to becoming the world’s third-largest economy, according to Finance Minister Nirmala Sitharaman. With significant advancements in various economic parameters, the country is making strides towards achieving its ambitious goals.
Key Takeaways
- India is on track to become the world’s third-largest economy.
- Significant economic growth from the tenth position in 2014 to fifth now.
- 25 million people lifted out of multidimensional poverty.
- Improvement in public sector banks’ balance sheets.
- Fiscal deficit target set at 4.4% for 2025-26.
New Delhi, Nov 4 (NationPress) Finance Minister Nirmala Sitharaman announced on Tuesday that India is on the brink of becoming the world’s third-largest economy as the nation experiences remarkable growth and stands confidently today due to its economic strength.
During her diamond jubilee valedictory lecture at the Delhi School of Economics, Sitharaman stated, “We are at a moment when India is advancing swiftly across multiple parameters, predominantly economic. While India’s population and geographic location hold strategic importance, it is the economic power of India that enables us to stand tall and united today.”
“I do not claim that we are a developed country yet, as our goal of Viksit Bharat 2047 is still ahead. What distinguishes us is our swift transition from being the 10th-largest economy in 2014 to the 5th, soon to be the 4th, and likely reaching the 3rd position before long,” said the Finance Minister.
She pointed out that approximately 25 million individuals have emerged from multidimensional poverty, stressing the importance of enhancing India-centric research and policy engagement while creating models appropriate for emerging economies.
The Finance Minister also noted that significant strides are being made to reform customs regulations.
She emphasized the advancements in the banking sector, highlighting the substantial improvement in the balance sheets of public sector banks, contrasting sharply with the “twin balance sheet problem” inherited from the previous UPA government.
Sitharaman expressed optimism that the government would achieve the ambitious fiscal deficit target of 4.4 percent for the current financial year (2025-26).
According to government data released on Friday, India's fiscal deficit for the first six months of the current financial year (April-September) was recorded at Rs 5.73 lakh crore, representing 36.5 percent of the annual estimate specified in the budget.
The data indicates that the fiscal deficit is well-managed, paving the way for the stable growth of the economy.
Point of View
It is essential to recognize the significance of India’s progress towards becoming the world’s third-largest economy. This transformation not only reflects the country’s resilience but also highlights the importance of continuous reform and proactive measures to sustain economic growth. It is crucial for us to remain committed to fostering an environment conducive to development, ensuring that the benefits reach all segments of society.
NationPress
29/12/2025
Frequently Asked Questions
What did Finance Minister Nirmala Sitharaman say about India's economy?
She stated that India is on the verge of becoming the world’s third-largest economy due to rapid economic progress.
How many people have been lifted out of poverty in India?
Approximately 25 million individuals have been lifted out of multidimensional poverty.
What is the fiscal deficit target for 2025-26?
The government aims to achieve a fiscal deficit target of 4.4 percent for the current financial year.
What improvements have been made in the banking sector?
There has been a significant improvement in the balance sheets of public sector banks, addressing the 'twin balance sheet problem.'
What fiscal deficit figure was reported for the first six months of the current financial year?
The fiscal deficit for April-September was Rs 5.73 lakh crore, constituting 36.5 percent of the annual budget estimate.
