Will India Soon Become the World’s Third-Largest Economy?
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Synopsis
Prime Minister Narendra Modi's recent address highlights India's remarkable growth trajectory and its ambition to become the world's third-largest economy by 2047. With a thriving start-up ecosystem and advancements in technology, India is poised for unprecedented success on the global stage.
Key Takeaways
- India is on track to become the third-largest economy.
- Stable governance is key to India's growth.
- India has the third-largest start-up ecosystem in the world.
- Collaboration with African nations is strengthening.
- Commitment to becoming a Developed Nation by 2047.
Accra, July 3 (NationPress) Prime Minister Narendra Modi declared on Thursday that over the last decade, India has undergone a remarkable transformation. Based on the pillars of stable governance and effective leadership, the nation is poised to become the third-largest economy globally.
During his notable address in Parliament, PM Modi noted that India already accounts for nearly 16 percent of global growth.
“Today, India stands as the fastest-growing emerging market. With strong governance and a stable political landscape, we are on the verge of becoming the third-largest economy,” he stated before the distinguished assembly.
The Prime Minister further emphasized that India’s demographic advantage is yielding significant benefits.
“We have the world’s third-largest start-up ecosystem. India is emerging as a hub for innovation and technology, attracting global corporations,” PM Modi remarked during his speech.
“Recognized as the Pharmacy of the World, Indian women are excelling in fields like science, space, aviation, and sports. India has successfully landed on the Moon, and an Indian is currently in orbit, enhancing our human spaceflight mission,” he added.
PM Modi reiterated that the citizens of India are united in their ambition to transform India into a Developed Nation by 2047, coinciding with the centenary of our Independence.
“As Ghana continues its journey towards development and prosperity, India will stand by you, shoulder to shoulder, on this path,” he remarked.
In 2015, New Delhi hosted the India-Africa Summit.
“President John Mahama was one of our esteemed guests. In 2017, India held the annual meeting of the African Development Bank. We have broadened our diplomatic outreach to 46 countries across Africa,” PM Modi noted.
With over 200 projects throughout the continent, we are enhancing connectivity, infrastructure, and industrial capabilities. Each year, the India-Africa Business conclave opens up new avenues for collaboration.
“In Ghana, we inaugurated the Tema – Mpakadan rail line last year, marking the largest infrastructure project in this region. We applaud Ghana’s initiatives to boost economic integration under the African Continental Free Trade Area. Ghana has tremendous potential to emerge as an IT and innovation hub within the region. Together, we will forge a future filled with promise and progress,” the Prime Minister highlighted.
Earlier, PM Modi received the Officer of the Order of the Star of Ghana, the nation’s highest civilian honor, from President Mahama. PM Modi expressed his gratitude to Ghana’s President for this accolade, calling it a source of immense pride.
Point of View
I see India's commitment to growth as a testament to its resilience and potential. The government’s focus on innovation, technology, and international collaboration positions the nation favorably on the world stage. With a clear vision for 2047, India is not only preparing for its own future but also offering support to global partners, reinforcing its role as a leader in the international community.
NationPress
03/07/2025
Frequently Asked Questions
What did PM Modi say about India's economy?
PM Modi stated that India is on track to become the third-largest economy in the world, attributing this growth to stable governance and a thriving start-up ecosystem.
How much does India contribute to global growth?
India currently contributes nearly 16 percent to global growth, showcasing its significant role in the international economy.
What are India's ambitions for 2047?
India aims to become a Developed Nation by 2047, marking the centenary of its Independence.
What partnerships does India have in Africa?
India has expanded its diplomatic presence to 46 African countries and is involved in over 200 projects enhancing connectivity and infrastructure across the continent.
What recognition did PM Modi receive in Ghana?
PM Modi was honored with the Officer of the Order of the Star of Ghana, the highest civilian award in the country, for his contributions to India-Ghana relations.
