India can't wait to become the third largest economy, says PM Modi

As India is expected to surpass Japan to become the 4th largest economy later this year, Prime Minister Narendra Modi has flagged that the pressure to become the third largest economy in the world is greater than the happiness of being the fourth.

Speaking at a public gathering in Gandhinagar, the PM said that the nation can't wait any longer to surpass Germany and become the third largest economy.

"On 26th May 2014, I took the oath as the Prime Minister for the first time. At that time, India's economy was at the 11th position. Today, India has become the world’s fourth-largest economy. It is a matter of pride for all of us that we have now surpassed Japan. I still remember the excitement across the country when we moved from sixth to fifth place, especially among the youth. The reason was that India had overtaken the United Kingdom, the very nation that ruled over us for 250 years," PM Modi said.


"Now, the pressure of becoming the third (largest economy) is more than the happiness of becoming the fourth (largest economy). The country is not ready to wait. If someone asks to wait, a slogan comes from behind 'Modi hai toh mumkin hai,'" he added.

The PM's remarks comes amid some confusion around India’s current ranking in the global economy. NITI Aayog CEO BVR Subrahmanyam declared last week that India has already become the fourth largest economy. Later, however, NITI Aayog member Arvind Virmani clarified that India is set to become the fourth largest economy by overtaking Japan by the end of 2025.

The International Monetary Fund (IMF) had projected India’s GDP for 2025 at $4.19 trillion, slightly surpassing Japan’s estimated $4.186 trillion. Virmani clarified that the official confirmation will only be possible after full-year data is available, expected by early 2026.

PM reiterated the goal set for India to become a 'Viksit' (developed) nation by 2047. "We will not mark 100 years of independence casually. We will celebrate it in such a way that the flag of a Viksit Bharat will be flying high across the world," he said.