India Transitioned From 'Fragile Five To Top Five': PM Modi Hails Economic Growth Over Last Decade

India has transitioned from "fragile five to top five" economies, owing to the reforms undertaken by the government over the past decade, Prime Minister Narendra Modi said, while speaking at the NDTV World Summit in New Delhi on Friday.

Not only did India breakthrough into the top five impactful economies, the country successfully managed the Covid-19 pandemic and emerged as the "fastest-growing major economy", he added.

The prime minister, while referring to the trade data released this week, pointed out that India's merchandise export rose by 7% last month despite the global headwinds.

Modi highlighted the strength of India's economy, which is growing at close to 7%, at a time when inflation has slipped below 2%.

Global financial institutions have lauded India's success, with S&P raising India's credit rating for the first time in 17 years, he noted.

The country's economic success is also drawing global investments, with Google recently pledging $15 billion investment in India's artificial intelligence space, Modi added.

Other new-age sectors like green energy and semiconductor are also drawing investments, the prime minister noted, adding that India is "converting every risk to reform, every reform to resilience, and resilience to revolution".

The country's global commercial ties are rapidly expanding, with trade with the G7 rising by 60%, Modi said. His remarks come in the backdrop of a recent study by the PHD Chamber of Commerce and Industry, which showed India's trade with the G7 rising from $154 billion in fiscal year 2020–21 to $248 billion in fiscal 2024–25.

"The entire world views India as a reliable, responsible, and resilient partner... There is a wave of investment in India. These investments are helping India become the nerve centre of global supply chains," he said.

'25 Crore Pulled Out Of Poverty'

The government's policies have pulled 25 crore people out of poverty over the past decade, Modi said, as he took a jibe at the erstwhile governments for only issuing "garibi hatao slogans".

The prime minister recalled the early period of his first tenure, when the Centre introduced the Pradhan Mantri Jan Dhan Yojana to provide universal access to banking facilities.

Modi also highlighted the success of Pradhan Mantri Ujjwala Yojana, which resulted in free gas connections to 10 crore poor families.

The middle class has also benefitted from the government's policies, Modi said, citing the recent cuts in goods and services tax and income tax. "Honest taxpayers have benefitted," he underlined.