The day India becomes the world's third largest economy is not far away.

Prime Minister Narendra Modi is confident that India will become the world's third largest economy within his third term.

The day India becomes the third largest economy in the world is not far away. (Source: Elitebusiness Magazine)

Affirming that India is firmly on the path to becoming the world’s third largest economy, Prime Minister Narendra Modi proudly said on July 30 that investors from all over the world are eyeing India. He urged domestic industries to rise strongly to seize the “golden opportunity” of growth and development, contributing to achieving the goal of Viksit Bharat (Developed India) by 2047.

"India is growing at 8 per cent and the day is not far when the country becomes the third largest economy globally from the current fifth position. Our government does not lack political will and will take every decision with the motto 'nation first'," he added.

Prime Minister Modi also said that his government has tripled the budget allocation in 10 years. The last budget allocation under his predecessor Manmohan Singh's government in 2014 was just Rs 16 trillion (about $191.1 billion). "Ten years later, our Union Budget 2024 has an allocation of Rs 48 trillion (about $573.3 billion), three times more," Prime Minister Narendra Modi proudly said at the inaugural session of the Union Budget 2024-25: "Journey to Viksit Bharat".

Prime Minister Narendra Modi also detailed a host of new measures being taken in this budget allocation for the financial year 2024-25, asserting that India's growth and stability today 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 model for the world. Besides, India accounts for 16% of global growth. This has been achieved despite many blows to the economy in the last 10 years. India would have been in a higher position if these challenges had not happened,” PM Modi said.

On the government's new policies and initiatives, Prime Minister Modi also asserted that wealth creators are the key drivers behind the Asian country's growth story - a time when India's policies, commitments, determination and investment decisions are becoming the foundation for global progress.

At the Union Budget 2024-25, the Indian Prime Minister also announced that his call has been echoed in recent meetings with state ministers, "to create an investment-friendly environment, bring clarity in investment policies and first and foremost create a conducive atmosphere".

"The whole world is looking at India and you (Indian industry). Investors all over the world are eager to come to India. World leaders are full of positivity towards India. This is a golden opportunity for Indian industry and we should not miss this opportunity," Prime Minister Modi appealed.

With high growth and low inflation, India is a beacon of growth and stability in a world facing high inflation and low growth, along with a host of other geopolitical challenges.

On the issue of youth and employment, which is facing a lot of challenges, the Prime Minister announced a Rs 2 trillion government budget. He believed that the budget would provide a comprehensive solution, “which will benefit around 40 million youth”. Prime Minister Modi cited that India is home to 140,000 startups, employing hundreds of thousands of youth. Over 80 million people have started their own businesses with the help of schemes like Mudra Yojana, Startup India and Standup India”.

Reiterating various measures announced in the budget, especially to boost the development of the small and medium enterprises sector, creating millions of jobs, Prime Minister Modi also called on Indian industry to join hands with the government to make Asia's top economy a developed nation by 2047 and become a global player in emerging sectors.

“Opening up new avenues of progress, the Indian government is focusing intensely on skill development and employment, keeping in mind the Industry 4.0 standards,” said Prime Minister Narendra Modi.

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