India will soon be world's third-largest economy: PM

Prime Minister Narendra Modi on Thursday said that over the past decade, India has seen a major transformation across the spectrum, and on the foundations of stable polity and good governance, the country will soon be the world's third-largest economy.

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During his historic Parliament address, Modi said India already contributes nearly 16 per cent to global growth.

"Today, India is the fastest growing emerging economy. On the foundations of stable polity and good governance, India will soon be the third largest economy," the Prime Minister told the esteemed house.

Modi further stated that India's demography is paying its dividend.

"India now has the world's third largest startup ecosystem. India is an innovation and technology hub, where global companies want to converge," said Modi in his address.

"We are recognised as the Pharmacy of the world. Indian women today lead in science, space, aviation and sports. India landed on the Moon. And, today an Indian is in orbit giving wings to our human space flight mission," he added.

The Prime Minister further stated that people of India have resolved to make India a Developed Nation by 2047, when "we celebrate 100 years of Independence."

"As Ghana continues to pursue the path of progress and prosperity, India shall walk with you, shoulder to shoulder, on this road," he commented.