India on way to become third largest economy: FM Sitharaman

India today stands out as a fast-growing economy and will soon be the third-largest in the world, Finance Minister Nirmala Sitharaman said on Tuesday.

Addressing students at the Delhi School of Economics here, she said, India stands distinctly on its feet because of its economic strength.

"What is making us literally stand out is the fast movement from the tenth largest economy in 2014 to fifth and the fourth, and now sooner, probably to the third," she said.


She further said that the government has been able to pull 25 million people out of multi-dimensional poverty.

As regards the banking sector, Sitharaman said the balance sheets of public sector banks have improved significantly compared to the twin balance sheet problem they faced 7-8 years ago.

She exuded confidence that the government would meet the ambitious fiscal deficit target of 4.4 per cent for the current financial year.

The Centre estimates the fiscal deficit during 2025-26 at 4.4 per cent of the GDP, or Rs 15.69 lakh crore.