India Set to Become World’s Third-Largest Economy Soon: Union Minister Pralhad Joshi
Bengaluru: India has officially ascended to become the world’s fourth-largest economy and is poised to overtake Japan to become the third-largest economy in the near future. This announcement was made by Pralhad Joshi, the Union Minister for Consumer Affairs, Food and Public Distribution, as well as New and Renewable Energy.
During a press conference held at the BJP state office, Jagannath Bhawan, Joshi highlighted the significant achievements of the central government over the past 11 years under the leadership of Prime Minister Narendra Modi. He noted that it took approximately 30 to 40 years for India to reach a one trillion dollar economy and around 62 to 63 years to achieve a two trillion dollar economy. Remarkably, he stated, the country has now surpassed the four trillion dollar mark, attributing this growth to the stability provided by the current government.
Joshi emphasized that a stable administration has facilitated effective governance and progress across various sectors.
The reform of the defense system is another critical area of focus. Joshi pointed out that previous governments struggled to make decisive moves, such as appointing a Chief of Defense Staff (CDS). He recalled a statement made by former Defense Minister A.K. Antony in Parliament, warning that developing infrastructure along the border could be exploited by adversarial nations. In contrast, the current government has made strategic decisions regarding border infrastructure and the establishment of the CDS.
He cited Operation Sindoor as a significant outcome of the CDS’s leadership, which enabled India to respond decisively to provocations from Pakistan. Through enhanced coordination among the three branches of the armed forces, India has successfully identified nine terrorist-related locations and executed missile strikes against them.
Joshi also highlighted a remarkable shift in defense production, stating that while the country previously relied heavily on imports, India is now manufacturing 5,000 defense products under the “Make in India” initiative.
“We have achieved a historic milestone by exporting arms and other products valued at 25,000 crores, marking the first time this has occurred in our country,” he stated.
He highlighted that the extreme poverty rate has dramatically decreased from 21 percent to just 5 percent, lifting 26 crore individuals above the extreme poverty line. He emphasized that this data is sourced from the World Bank, not Indian agencies. He attributed this progress to effective leadership and a stable government, which have enabled us to take decisive and bold actions regarding the nation’s defense system. He cited the recent Operation Sindoor as a prime example of this commitment.
Regarding security, he noted that incidents of terrorism have nearly reached zero in most regions, with the exception of border areas, particularly in Kashmir. He asserted that we have provided a clear and unequivocal response to these threats. He pointed out that the decision to undermine Indian administration through the Red Corridor, stretching from Pashupati to Tirupati in Nepal, was orchestrated by terrorists. Today, Naxalism in our country has decreased by 70 percent, and our Home Minister has announced a goal to completely eradicate Naxalism by March 2026.
In terms of post-COVID development, he remarked, “Wherever Indians face challenges globally, we have ensured their safety.” He cited successful evacuations during the Russia-Ukraine conflict and the situation in Afghanistan. Despite predictions of widespread fatalities and economic collapse during the COVID pandemic, he noted that, according to Prime Minister Modi, India has emerged as the fastest-growing economy in the post-COVID era, a trend that continues.
India stands out as the only country to have administered over 240 crore vaccine doses to its 140 crore citizens, and we have also successfully exported vaccines. He expressed confidence that India is on track to become the third-largest economic power in the world.
In 2024, digital transactions surged to an impressive ₹24 lakh crore, with Unified Payments Interface (UPI) transactions accounting for a remarkable 83% of this total. The former Finance Minister had previously criticized Prime Minister Modi regarding this development, but it is evident that this growth has been facilitated by the integration of Jan Dhan, Aadhaar, and mobile technology. Additionally, ₹44 lakh crore has been directly transferred to beneficiaries’ accounts through the Direct Benefit Transfer (DBT) system. The speaker also highlighted significant achievements across various sectors.
Former Deputy Chief Minister and Member of Parliament Govind Karjol, Bengaluru Central Member of Parliament PC Mohan, Rajya Sabha member Jaggesh, Chief Whip of the Legislative Assembly Doddanagouda H. Patil, State General Secretary Nandish Reddy, State Vice President Raju Gowda Nayak, Bangalore South District President and MLA C.K. Ramamurthy, and Bangalore Central District President Saptagiri Gowda were present.
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