India to Be Third Largest Economy in The World in Next 5 Years: PM Modi

New Delhi: Exuding confidence that India would become the world’s third-largest economy during his third term in office as India is firmly on the path, Prime Minister Narendra Modi on Tuesday said that investors from across the world are keenly looking at India, and the domestic industry must rise and seize this ‘golden chance’ to play its role in achieving the goal of Viksit Bharat by 2047.

Slamming the UPA regime, he also said that his government has tripled India’s Budget in 10 years, while in the last Budget presented by the Manmohan Singh government in 2014, the total budget allocation was only Rs 16 lakh crore. “Ten years later, the Union Budget 2024 presented by us is Rs 48 lakh crore, which is three times,” Modi said while addressing India Inc at the inaugural session of ‘Journey Towards Viksit Bharat: A Post Union Budget 2024-25 Conference.

The Prime Minister also elaborated a slew of new measures taken in this Budget for fiscal year 2024-25, saying that having growth and stability like India is an exception in a world full of uncertainties. “India is the only country with high growth and low inflation and our fiscal prudence is a role model for the world. Besides, India’s share in global growth is 16 per cent. This happened even though there were multiple blows to the economy in the last 10 years. India would have been in a higher position if these challenges had not come,” he said.

On the government’s policy and new initiatives, Modi also said wealth creators are the main driving force of the country's growth story at a time when India’s policies, commitment, determination, decisions and investments are becoming the basis of global progress. He also informed India Inc about his call in the recent Niti Aayog meeting to state chief ministers for creating investor-friendly charters, bringing clarity in investment policies and creating a conducive atmosphere for investment.

“Today, the whole world is looking at India and you (industry). Policies of the government and commitment and investment are becoming the foundation of global development. Investors across the world are keen to come to India. World leaders are filled with positivity for India. This is the golden chance for the Indian industry and we should not lose this opportunity,” the prime minister said.

“With high growth and low inflation, India is a beacon of growth and stability in a world which is facing high inflation and low growth and other geopolitical challenges. India is growing at 8 per cent and the day is not far when the country will become the third-largest economy globally from the current fifth position. Our government does not lack political will and will take all decisions keeping in mind ‘nation first approach’, he added.

On the youth and employment front, he also informed the industry that in this budget, the PM package worth Rs 2-lakh crore has been announced. “It will benefit around 4 crores of youth. This PM package is holistic and comprehensive. It is inter-linked and it is an end-to-end solution. India is home to 1.40 lakh startups employing lakhs of youth, and more than 8 crore people have started new businesses with the help of Mudra Yojana, Startup India and Standup India schemes,” the prime minister said.

Recalling various measures announced in the Budget, especially for promoting the MSME sector that creates crores of jobs, Modi also said that the domestic industry should compete with the government to make India a developed nation by 2047 and also make it a global player in sunrise sectors. “The government is highly focused on skill development and employment keeping in mind Industry 4.0 standards,” the Prime Minister said.

On manufacturing growth in India, Modi claimed that the manufacturing ecosystem has transformed in the last 10 years, saying that 'Make in India' and simplification of FDI rules in various sectors along with multi purpose logistics parks, PLI for 14 sectors are some of the measures taken in the past. “The Budget has announced plug-and-play investment-ready investment parks for 100 districts of the country," he said, adding, these 100 cities will become new hubs of Viksit Bharat.

The prime minister also underlined some points in the budget such as increased allocation for nuclear power generation, digital public infrastructure for agriculture, Bhu-Aadhar card for providing number to land parcels of farmers, Rs 1,000 crore venture capital fund for space economy, critical mineral mission, and upcoming auction of offshore blocks for mining. “These new announcements will open new avenues of progress,” he said.

Beside, he also highlighted some opportunities that are being created, especially in the sunrise sectors. “There is a need to make a name in the semiconductor value chain to play a crucial role in the future and therefore, the government is laying emphasis on promoting the semiconductor industry,” he said, while encouraging electronics manufacturing, especially during the present era of mobile manufacturing revolution.