“From being in the ‘Fragile 5’ to ‘Top 5’ economies today, PM Modi has guaranteed that we will move to “Top 3” by 2025-26, surpassing Japan & Germany”: MoS Rajeev Chandrasekhar

Ministry of Electronics & IT

Posted On: 29 SEP 2023 6:16PM by PIB Delhi

Minister of State for Skill Development & Entrepreneurship and Electronics & IT,  Shri Rajeev Chandrasekhar, addressed the 6^th edition of the India Economic Conclave, hosted by the Bengal Chamber of Commerce and Industry today. In his address, the Minister delved into the transformations that India has undergone since 2014, emphasizing the rapid ascent towards becoming the world’s third-largest economy, surpassing Japan and Germany.

Shri Rajeev Chandrasekhar said, “We’ve come a long way, from the “fragile 5” to now being the world’s “top 5” economies. Our Prime Minister has guaranteed that we will move from being the top 5 to the top 3 in the next three years, surpassing even Japan and Germany. We will be in the league of China and the US. The Government has generated resources today, our GST numbers are evidence to that. Economic growth in our country is not mere statistics, it is creating more and more resources for the Government to invest in infrastructure, in important areas such as health, education and for creating opportunities for our young Indians. India under Prime Minister Shri Narendra Modi has allocated highest ever funds for infrastructure spending.”

The Minister also drew attention to the significant transformation in India’s economic landscape since 2014, where startups have gained more room for expansion. Prior to this period, the economy was largely dominated by the public sector, the state, and a few corporate giants, limiting opportunities for young entrepreneurs.

“A deep transformation has reshaped India from its past to its present. Pre-2014, our economic landscape was dominated by the public sector, the state, and a few corporate giants, leaving little space for the young Indians and entrepreneurs to expand. Therefore smaller companies remained small and bigger grew big. Smaller companies struggled without the enabling framework to grow. But today, a significant portion of our GDP is generated by our young Indians and startups. For the first time there are no limits to their ambitions & growth. What was once unimaginable is now guaranteed by this Government under Prime Minister Shri Narendra Modi,” Shri Rajeev Chandrasekhar added.

The Minister also addressed the global perception shift regarding India’s governance. “For decades, India was known as this great country with immense potential. However, it was also known to have dysfunctional governance. There was a global perception that democracy in India can never function properly, particularly in authoritarian nations like China. This narrative persisted for many years. In 2015, our Prime Minister initiated a transformational shift in this perception, using technology to bring about change. Through initiatives such as Direct Benefit Transfers (DBTs) and the Jan Dhan Yojana, technology was employed to ensure that every 100 rupees allocated by the Government of India reached its intended citizen’s bank account without any leakage and delay,” the Minister further added.

The India Economic Conclave, organized by the Bengal Chamber of Commerce and Industry, served as a platform for discussions on India’s rise towards the world’s third-largest economy and its pivotal role in the Indo-Pacific corridor.

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