India to be the world’s third largest economy in Modi's third term as PM, says Union Minister Dr Jitendra Singh

India will emerge as the world’s third largest economy in Shri Narendra Modi's third term as Prime Minister, Union Minister Dr Jitendra Singh said today.

The country has great stakes in the return of the Government headed by PM Modi in order to continue the upward trend in Bharat’s growth story, he said.

The Union Minister of State (Independent Charge) Science & Technology; MoS PMO, Personnel, Public Grievances, Pensions, Atomic Energy and Space, Dr Jitendra Singh was speaking at a public function in Udhampur (J&K).

“In 2014, when PM Modi took over, India stood as the world's tenth largest economy. In less than ten years, we jumped to 5^th position after overtaking the United Kingdom, which had ruled over us for nearly two centuries. Hopefully this year it will emerge as the 4^th largest economy and during PM Modi’s 3^rd term, India will be the world’s 3^rd largest economy, marching on to become the No.1 economy by 2047,” he said.

Dr Jitendra Singh said, in the last ten years under PM Modi, India is recording a rapid rise in a slew of global benchmarks.

During Financial Year 2023-24, Indian economy grew at 7 percent plus for the third successive year even as the global economy struggles to grow at more than 3 percent. We are the third-largest fintech economy in the world after the USA and the UK, he said.

Dr Jitendra Singh said, India has the 3^rd largest Start-up Ecosystem globally and is home to the fastest-growing unicorns.  “From just about 350 StartUps in the year 2014, StartUps in India grew over 300 times in over nine years. After PM Modi gave the clarion call 'StartUp India, Stand Up India' from the ramparts of the Red Fort in his Independence Day address and rolled out the special StartUp scheme in 2016, today we have over 1,30,000 Startups, besides more than 110 Unicorns,” he said.

Dr Jitendra Singh said, within a short span of just about four years, the number of Space Startups has gone up from a mere single digit to over 150. Besides, there are more than 6,300 BioTech Startups and over 3,000 Agritech Startups in the Lavender sector of Jammu & Kashmir itself.