India will soon be world's third-largest economy: PM Modi

Prime Minister Narendra Modi on Thursday said that over the past decade, India has seen a major transformation across the spectrum, and on the foundations of stable polity and good governance, the country will soon be the world's third-largest economy.

During his historic Parliament address here, PM Modi said India already contributes nearly 16 per cent to global growth.

“Today, India is the fastest growing emerging economy. On the foundations of stable polity and good governance, India will soon be the third largest economy,” the Prime Minister told the esteemed house.

PM Modi further stated that India's demography is paying its dividend.

“India now has the world's third largest start-up ecosystem. India is an innovation and technology hub, where global companies want to converge,” said PM Modi in his address.

“We are recognised as the Pharmacy of the world. Indian women today lead in science, space, aviation and sports. India landed on the Moon. And, today an Indian is in orbit giving wings to our human space flight mission,” he added.

The Prime Minister further stated that people of India have resolved to make India a Developed Nation by 2047, when “we celebrate 100 years of Independence”.

“As Ghana continues to pursue the path of progress and prosperity, India shall walk with you, shoulder to shoulder, on this road,” he commented.

In 2015, New Delhi hosted the India-Africa Summit.

“President John Mahama was one of our esteemed guests. In 2017, India hosted the annual meeting of the African Development Bank. We have expanded our diplomatic presence to 46 countries across Africa,” said PM Modi.

Over 200 projects across the continent enhance connectivity, infrastructure and industrial capacity. Every year, the India-Africa Business conclave generates new opportunities.

“In Ghana, we inaugurated the Tema – Mpakadan rail line last year. It is the largest infrastructure project in this part of the African region. We welcome Ghana's own efforts to accelerate economic integration under the African Continental Free Trade Area. Ghana also holds great potential to become an IT and innovation hub in the region. Together, we will shape a future, full of promise and progress,” the Prime Minister emphasised.

Earlier, PM Modi was conferred The Officer of the Order of the Star of Ghana, the country's highest civilian honour, by President Mahama. PM Modi thanked Ghana's President for the honour and called it a "matter of immense pride".