Modi: India Will Be World's 3rd Biggest Economy

Prime Minister Narendra Modi said India’s economy will be among the top three in the world within five years as he marked 76 years of independence from British rule, Krutika Pathi reported for the Associated Press (AP).

Photo Insert: Modi's statement comes after reports last year from S&P Global and Morgan Stanley forecast that India’s economy would overtake Japan and Germany’s to become the world’s third largest by 2030.

Modi bragged that his government had lifted over 130 million people out of poverty and that India’s growing prosperity was an opportunity for the world.

“When poverty decreases in a country, the power of the middle class increases considerably,” he said. “In the next five years, I promise India will be among the top three economies in the world."

His statement comes after reports last year from S&P Global and Morgan Stanley forecast that India’s economy would overtake Japan and Germany’s to become the world’s third largest by 2030.

They said India’s economic boom will be driven by offshoring, investment in manufacturing, growing digital infrastructure, and energy transition.

India’s $3.5 trillion economy surpassed the United Kingdom’s last year to become the fifth largest. Modi said he was confident that when India marks 100 years of independence in 2047, it will do so as a developed nation.

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