Union Consumer Affairs Minister Pralhad Joshi on Thursday, 9 July 2026 amplified Prime Minister Narendra Modi's economic ambition, sharing a statement from the Prime Minister during his ongoing visit to Australia that India is determined to become one of the world's top three economies 'as soon as possible.'

Context

Posting on X with the hashtag #PMModiInAustralia, Minister Joshi quoted the Prime Minister directly: 'We want to become one of the top three economies of the world as soon as possible. Because our inspiration is Grow More, Achieve More.' The statement was made during PM Modi's visit to Australia, a key strategic partner in the Indo-Pacific and a fellow member of the Quad grouping.

Joshi, a senior BJP leader from Karnataka who holds the Consumer Affairs, Food and Public Distribution and New and Renewable Energy portfolios, has consistently amplified the Prime Minister's economic messaging on social media and in public forums.

Policy Backdrop

India became the world's fifth-largest economy in 2022 after overtaking the United Kingdom, a milestone the government cited as validation of its long-term growth strategy. Since then, official statements have focused on displacing Japan and Germany to claim the third position in global GDP rankings.

The top-three economy goal sits within the broader Viksit Bharat@2047 vision — the government's framework for transforming India into a developed nation by the centenary of its independence. The earlier target of a $5 trillion economy by 2024-25, announced in 2019, was subsequently reframed as a waypoint within this longer arc rather than a standalone objective.

The slogan 'Grow More, Achieve More' cited by the Prime Minister underscores the administration's consistent emphasis on linking domestic production capacity to international economic positioning.

Stakeholders and Impact

Australia occupies a specific role in India's economic diplomacy calculus. The two countries signed a Comprehensive Economic Cooperation Agreement in 2022, covering trade in goods, services and investment. Cooperation on critical minerals — in which Australia holds significant reserves — is seen as directly relevant to India's manufacturing and clean-energy ambitions.

Indian exporters, global investors and Australian trading partners stand to benefit from any fresh commitments made during or after the visit. Education mobility and defence supply-chain linkages are additional areas where the bilateral relationship has deepened, positioning Australia as more than a commodity supplier in India's strategic planning.

For domestic audiences, the Prime Minister's statement reinforces the economic narrative ahead of what the government describes as a decisive decade for India's global standing.

What's Next

Attention will now turn to any concrete announcements emerging from PM Modi's engagements in Australia, particularly around the review of the bilateral trade agreement and new deals on critical minerals or education. Progress on these fronts would provide measurable milestones against the top-three economy aspiration. India's ability to sustain high growth rates, attract investment and deepen supply-chain integration with like-minded democracies will ultimately determine how quickly the ambition translates into ranked reality.