Modi: India to Be 3rd Largest Economy in 3rd Term

New Delhi, Feb 5 (PTI) Prime Minister Narendra Modi on Monday exuded confidence that India will become the third largest economy in the world during his "third" tenure.

Replying to the debate on the Motion of Thanks to the President's Address, he said that in his "third term", the government will take a "big decision" and lay the foundation of a prosperous India for 1,000 years.

The general elections are due in April-May.

"I say with confidence that in our third term, India will become the third largest economy in the world. This is Modi's guarantee," he said.

In September 2022, India overtook the UK to become the fifth-largest economy in the world.

He also said that during the UPA government in 2014, India was the 11th largest economy.

"And today, it is the 5th largest economy and on its way to become the third largest," Modi said, adding that it is because of the speed with which the country is progressing.

He also took a dig at Congress that in the interim Budget in 2014, the then Finance Minister had said that it would take three decades (by 2044) for India to become the third largest economy.

The prime minister accused the Congress government of 2014 of losing the ability to even dream big. "I feel pity on their thinking."

The Congress, he said, should be happy that India has climbed from 11th to 5th now.

"I assure you that we will not take 20 years," he said, adding the world is watching India growing at a faster pace.

The Congress would have taken at least 100 years to do the same work, which this government has accomplished in the last ten years, he said.

Modi said neither Jawaharlal Nehru nor Indira Gandhi had faith in the ability of people.

"I have confidence and strength of the people of India," he stressed, saying in the first term (2014-19), the NDA government undid the shoddy work of the previous Congress-led government.

In the second term (2019-24), "we have laid the foundation of new India and in the third term, we will move towards Vikshit Bharat (Developed India)," he added.

Talking about the government's initiatives, Modi said GST was introduced, digitalisation was promoted, completed pending schemes and abolished over 40,000 compliances.

He also said about 25 crore people have come out of poverty, and EPFO (Employment Provident Fund Organisation) data indicate that 18 crore new subscribers have been added.

India today has become a hub of innovation, research, and manufacturing and "we need" to become self-reliant in green energy and take lead semiconductors as these initiatives would create quality jobs, Modi noted.

The prime minister hoped that the semiconductor sector would attract huge investments in the coming years, and in that segment, India will contribute significantly.

Efforts are on to skill people to prepare them for Industry 4.0.

Further talking about inflation, he said that it used to be in the double digits during the Congress era.

"History is witness that whenever the Congress comes to power, inflation follows," Modi said, adding that "We have kept the inflation under control" despite two wars and the Covid-19 pandemic.

The Russia-Ukraine war and the Israel-Hamas war are still continuing.