India moving towards becoming 3rd largest economy, says Modi

Prime Minister Narendra Modi on Saturday said that the country was moving toward becoming the third-largest economy as he emphasised his government's focus on generating employment in the public and private sectors.

- Press Trust of India

In a virtual address after the distribution of over 51,000 appointment letters, he said his government's welfare schemes, be it building over 40 million houses for the poor, distributing over 100 million new LPG connections or the rooftop solar programme, have created lakhs of new employment opportunities and so have a host of other initiatives that led to growth in manufacturing sector.

Speaking of his recent five-nation tour, he said the whole world now recognises the strength of India’s demography and democracy.

The ability of India’s youth is its biggest capital and a guarantee of the country’s bright future, he added.

He said, “The world acknowledges today that India possesses two infinite powers. One is demography, the other is democracy. In other words, the largest youth population and the largest democracy.” The prime minister asserted that the agreements signed during his tour will benefit Indian youth both within the country and abroad. The treaties cover critical sectors such as defence, pharmaceuticals, digital technology, energy, and rare earth minerals and will create far-reaching benefits.