Is India on the verge of becoming the world's third largest economy?

Bengaluru, June 10 (NationPress) Union Minister for Food, Public Distribution and Consumer Affairs Pralhad Joshi addressed the media to mark the completion of 11 years of accomplishments under the Central government led by Prime Minister Narendra Modi. He declared that India has now established itself as the world's fourth largest economic power.

"I am confident that India will soon rise to become the world's third largest economy," he emphasized.

During a press conference at the State BJP Office, Jagannath Bhavan in Bengaluru on Monday, Union Minister Joshi remarked that it took approximately 30 to 40 years for India to achieve a one trillion dollar economy.

He noted that becoming a two trillion dollar economy took around 62 to 63 years.

"Thanks to our stable governance, we have successfully transitioned from a $2 trillion economy to more than $4 trillion," he stated.

He underscored that a stable government has facilitated effective governance and administration, resulting in significant progress across all sectors.

"The reform of our defense system is a vital element. He recounted the time when India had a government indecisive about the Chief of Defence Staff (CDS) position. Former Union Defence Minister A.K. Antony once stated in Parliament that if basic infrastructure was developed in border areas, enemy nations would exploit it," he mentioned.

"We have made decisive choices, from border infrastructure to the CDS," emphasized Union Minister Joshi.

"Thanks to the CDS, operations like 'Operation Sindoor' have allowed us to respond robustly to Pakistan's actions," he added.

He remarked that through the collaboration of the three defense forces, nine locations linked to terrorism have been identified, leading to targeted missile strikes.

Previously, all defense products were imported, but the Union Minister stated, "Now, we manufacture 5,000 products under 'Made in India' and 'Make in India'. For the first time, we have exported arms and other goods worth Rs 25,000 crore."

The extreme poverty rate has plummeted from 21 per cent to 5 per cent, he noted.

He clarified that 26 crore people have emerged from extreme poverty, citing data from the World Bank rather than Indian agencies.

According to Union Minister Joshi, a strong leadership and stable government have enabled decisive actions regarding the defense system.

He referenced the recent 'Operation Sindoor' as a case in point.

"Terrorist activity is nearly non-existent in regions outside border areas. Although such incidents persist in Kashmir, we have responded strongly. Terrorists aimed to undermine India's governance through a 'Red Corridor' stretching from Pashupati in Nepal to Tirupati," he stated.

"Today, Naxalism in India has declined by 70 per cent. Our Union Home Minister has declared that Naxalism will be completely eradicated by March 2026," he asserted.

He remarked, "Wherever Indians faced challenges globally, we have safeguarded them. We successfully repatriated our citizens during the Russia-Ukraine conflict and the Afghanistan crisis."

“During the COVID-19 phase, there were predictions of millions of deaths in India and impending collapse,” he recalled.

“However, under Prime Minister Narendra Modi's leadership, India has emerged as the fastest-growing nation in the post-COVID era, and this trend continues,” he stated.

He noted that India is the only country that has administered over 240 crore vaccine doses to 140 crore people.

Furthermore, India has successfully exported vaccines, according to the Union Minister.

He expressed optimism that India will soon ascend to the position of the world's third largest economic power.

"In 2024, digital transactions surged to Rs 24 lakh crore, with UPI contributing to 83 per cent of this total," he added.

Union Minister Joshi mentioned that former Finance Ministers had mocked Prime Minister Modi regarding the country's digitalization efforts.

He credited this success to the integration of Jan Dhan, Aadhaar, and mobile technology.

He also revealed that Rs 44 lakh crore is being directly transferred to beneficiaries' accounts through the direct benefit transfer scheme.

He provided insights into other achievements across various sectors as well.

Also present were former Deputy Chief Minister and MP Govind Karajol, MP P.C. Mohan, Rajya Sabha member Jaggesh, Chief Whip of the Legislative Assembly Doddanagouda H. Patil, State General Secretary Nandish Reddy, State BJP Vice President Raju Gowda Nayak, Bengaluru South District President and MLA C.K. Ramamurthy, and Bengaluru Central District President Saptagiri Gowda.