UNION Home Minister Amit Shah said on Saturday that India’s economy will become the third largest in the world by 2027.
Speaking at an event in Tamil Nadu, Shah highlighted the Centre’s development push and claimed the country will become a $5 trillion economy by 2025.
The Union Home Secretary mentioned that India has become the fifth largest economy from the 11th position it previously held, leaving Britain behind in the last eight years.
“Even a recent study conducted by Morgan Stanley predicts that no one can stop India’s economy from holding the 3rd place in the world by 2027,” he said.
Speaking about the importance of the infrastructure sector in achieving this feat, he said the Center has put in place a number of effective policies to make it possible.
“Whether in the space sector, the drone sector or to make India the hub of defense manufacturing, Prime Minister Narendra Modi has made major changes to existing policies,” he added. .
Corruption-free government and political stability have led to India’s rapid economic growth.
India’s achievements are now recognized worldwide. The IMF has described India as a bright spot on the dark horizon. pic.twitter.com/EflFHZgJOV
— Amit Shah (@AmitShah)
November 12, 2022
He added that the Prime Minister has provided Tamil Nadu with the greatest opportunity to attract investment in the defense sector by introducing the State Defense Industry Corridor linking Chennai, Tiruchirapalli, Coimbatore, Salem and Hosur.
“Whether it is formulating policies for the coal sector, the commercial mining sector, for startups or to advance the banking sector, the Narendra Modi government has introduced a series of effective and transparent policies,” said Shah.
Recalling that to strengthen research and development, the Modi government has introduced new policies in different sectors.
He said: “I will give just one example here. When the world was battling the pandemic of the century, India was one of the few countries that produced its own vaccine. Not only that, until now, we administered 225 million doses of vaccines while helping 85 countries emerge from the crisis by sending them vaccines.”
He further added that it is thanks to political stability and transparent governance that India today has become a fast growing economy. “India’s achievements are today recognized by the whole world. The IMF has called India a bright spot in a dark area,” he said.
He also mentioned that according to an International Monetary Fund (IMF) assessment, India would rank 2nd in the G20 with a 6.8% GDP growth in 2022-23.
“The IMF also estimates that in 2023-24, India would rank first in the G20 with 6.1% GDP growth,” said Amit Shah.
(With ANI entries)
