‘India on Track to Become World’s Third Largest Economy’ : PM Narendra Modi

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Dated 5th February 2026

News By Dr. B R Abdul Wajid

Editor in Chief

New Delhi | Today, replying to the Motion of Thanks on the President’s Address in the Rajya Sabha, Prime Minister Narendra Modi said that India is today one of the fastest-growing major economies in the world. He stated that the rare combination of high economic growth and low inflation shows the strength and resilience of India’s economy.

The Prime Minister said that when his government took charge, India was counted among the “Fragile Five” economies. He recalled that at the time of Independence, India was the world’s sixth-largest economy, but due to poor governance in the later years, the country slipped to the 11th position. He added that India is now firmly on the path to becoming the world’s third-largest economy.

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Speaking on the banking sector, PM Modi said that before 2014 there was a “phone banking” culture, where politicians used to make calls to influence loan approvals. Loans were given based on political recommendations instead of proper assessment. He said the poor were denied loans, and nearly 50 per cent of the population did not even have bank accounts. During the UPA period, crores of rupees were lent to people who never repaid, pushing banks towards a crisis.

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The Prime Minister further said that before 2014, banks were burdened with huge Non-Performing Assets (NPAs). Today, NPAs have been brought down to a record low level and are now below one per cent. He added that due to reforms and strict monitoring, the health of Indian banks has improved significantly and bank profits are now at an all-time high.

VIDEO Source : SANSAD TV

Prime Minister Narendra Modi said that strong economic reforms, transparent governance and people-centric policies have transformed India’s economy and banking system. He added that the country has moved away from past mismanagement and is now moving confidently towards growth, stability and global leadership, with a strong foundation for a developed India in the coming years.

News By Dr. B R Abdul Wajid

Image Source : Screen Grab | Video | Sansad TV