Is India Set to Become the World’s Third-Largest Economy by 2029?
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Synopsis
Union Minister Sarbananda Sonowal affirms India's determination to rise as the third-largest economy by 2029, attributing this progress to Prime Minister Modi's governance. With significant poverty reduction and a thriving startup ecosystem, India is on an unstoppable path towards development. Discover how the Northeast is transforming under this leadership.
Key Takeaways
- India is projected to become the world's third-largest economy by 2029.
- Over 25 crore people lifted out of poverty in the last decade.
- India's startup ecosystem has expanded significantly.
- Prime Minister Modi has focused on developing the Northeast region.
- Significant investments are being made in infrastructure projects.
New Delhi, June 14 (NationPress) Union Minister of Ports, Shipping and Waterways, Sarbananda Sonowal, announced on Saturday that India is on a solid trajectory to become the third-largest economy in the world by 2029.
He attributed this rapid advancement to Prime Minister Narendra Modi’s 'decisive and corruption-free' governance during the past 11 years, stating that the nation is witnessing an 'unstoppable surge' in development.
During a press conference in Dibrugarh to celebrate the NDA government’s 11th anniversary, Sonowal remarked that India has transitioned from a period of 'policy paralysis and dynastic misrule' to one driven by welfare-oriented development, youthful innovation, and unprecedented infrastructure growth.
He noted that over 25 crore individuals have escaped poverty in the last decade, a figure exceeding the population of many European nations.
“This is the Modi guarantee — delivery with speed, scale, and honesty,” Sonowal emphasized.
The Union minister further stated that India’s ascent to the position of the fourth-largest global economy is merely the beginning.
By 2029, he asserted, India will secure the third position. “We are constructing a robust foundation for a Viksit Bharat — a developed, self-reliant India,” he added.
Sonowal also pointed out the flourishing startup ecosystem in India, which has expanded from 30,000 startups in 2014 to over 1 lakh today.
“Over 1.7 crore young people are now engaged in this dynamic startup movement. This is the new India — filled with youthful dreamers and doers,” he stated.
Discussing the development of the Northeast, Sonowal remarked on its transformation under the Modi administration.
“Prime Minister Modi has visited the Northeast more than 70 times — more than any other PM in history, turning a previously neglected region into a growth engine,” he remarked.
According to Sonowal, the recent 'Rising Northeast' summit attracted investment commitments exceeding Rs 4.5 lakh crore.
He mentioned that significant infrastructure projects are underway, which include roads, railways, internet connectivity, and modern river ports at Jogighopa, Dhubri, Pandu, and Dibrugarh, all aimed at linking Assam with global trade routes.
Point of View
It is crucial to recognize that India's potential to become the third-largest economy by 2029 reflects not only economic growth but also social transformation. The government's focus on infrastructure, youth engagement, and poverty alleviation demonstrates a commitment to inclusive development. The rise of the Northeast as a center of investment highlights the importance of regional growth in the national narrative.
NationPress
15/06/2025
Frequently Asked Questions
What factors contribute to India's economic growth?
India's economic growth is driven by robust governance, infrastructure development, a flourishing startup ecosystem, and significant poverty reduction initiatives.
How has the Northeast region benefited from government initiatives?
The Northeast has seen substantial investments and infrastructure projects, transforming it into a vital growth engine under Prime Minister Modi's leadership.
What is the significance of the startup ecosystem in India?
The startup ecosystem in India, now home to over 1 lakh startups, plays a crucial role in fostering innovation and creating employment opportunities for millions of youth.
What is the Modi guarantee mentioned by Sarbananda Sonowal?
The Modi guarantee refers to the government's commitment to delivering development with speed, scale, and honesty, ensuring transformative changes across various sectors.
How many people have come out of poverty in India recently?
Over 25 crore people have emerged from poverty in the last decade, a significant milestone in India's development journey.
