India will become third largest economy in my third term, says PM Modi

Prime Minister Narendra Modi on Friday reiterated that the country will become the world's third largest economy in the coming years.

“This will be achieved in my third term and this is Modi's guarantee,” Modi said at a Global Business Summit organized by a private television channel in the capital.

“You can already see how India is growing rapidly. There is no doubt that in my third term, India will become the third largest economy in the world.”

India, the world's fastest-growing major economy, is currently the world's fifth largest in terms of purchasing power parity.

Special regulation

Modi also said that in his third term there will be very extensive plans aimed at drastically reducing poverty in the country and putting India's development on a new path. This special poverty eradication program has been in the works for a year and a half and is expected to be completed in the next 15 to 20 days. “We are developing a roadmap for this. I have already accepted suggestions from 15,000 people,” he said.

Modi also said that he could have brought out the white paper on the economy back in 2014 but decided against it as the country's economy was in a bad state then and was full of scams.

“It would have sent the wrong signal to the world. It would have been politically convenient for me to release it in 2014. But I didn’t do it in the interest of the country,” he said.

“Over the last 10 years, every facet of the economy has strengthened and that has led me to now bring out the white paper.”

Reiterating that this is India's time, Modi said the recent Budget, which continued a government-led growth strategy through capital spending, had all the ingredients to take the country on a higher growth path.

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