New Delhi: India has achieved rapid progress in four years of the National Democratic Alliance government, becoming the sixth largest economy in the world and is now going to power global growth, Prime Minister Narendra Modi said in his speech on the occasion of India’s 72nd Independence Day.
According to the World Bank’s latest estimate, India has become the world’s sixth-biggest economy, pushing France into seventh place. India’s gross domestic product (GDP) amounted to $2.597 trillion at the end of last year, against $2.582 trillion for France. India now contributes 15% to global economic growth.
Quoting international agencies like the International Monetary Fund (IMF), Modi said India was the sleeping elephant which has started running. The IMF’s mission chief for India Ranil Salgado recently described India as an elephant that has started running with the country projected to grow at 7.3% in 2018-19.
“India is feeling the change in four years. Earlier, international institutions used to see risk in India. Now they are saying India’s reform measures are going to strengthen its fundamentals. From Fragile Five, India has become a multi-billion dollar investment destination,” Modi said.
Highlighting the successful implementation of the goods and services tax, insolvency law and benami property act, Modi said his government keeps the ability to take tough decisions.