FM Sitharaman: India poised to become third-largest global economy soon | VIDEO

New Delhi: Finance Minister Nirmala Sitharaman stated that India is a fast-growing economy and is poised to soon become the third-largest economy in the world. In her Diamond Jubilee Valedictory Lecture at Delhi School of Economics, she highlighted India’s rapid progress from being the tenth largest economy in 2014 to the fifth, then the fourth, and soon the third. She emphasised the importance of Indians believing in their own economic strength and efforts.

Sitharaman pointed out that economic growth in India has been inclusive, with major achievements such as lifting 25 million people out of multi-dimensional poverty, a contribution she attributes to the collective effort of the people. She praised the government’s focus on a capital expenditure-led growth model, citing its higher multiplier effect compared to revenue expenditure, which supports sustained growth.

The minister underscored the pivotal role of technology in driving economic growth, calling India to be at an “inflexion point” with technology’s growing importance. She noted that technology is essential in sectors ranging from agriculture to manufacturing, where artificial intelligence (AI) is rapidly transforming production methods. While acknowledging concerns about AI’s impact on jobs, she highlighted how AI is also enabling innovative solutions across infrastructure, civic systems, and medical devices.

Sitharaman encouraged students to engage deeply with India-centric research and develop economic models tailored for emerging economies. She called for enhanced field immersion programs at the Delhi School of Economics to better connect students with real-world district-level data and economic conditions. She also acknowledged the notable progress in women’s empowerment over the past decade, driven by initiatives at the district, state, and national levels.

With inputs from PTI

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