UDHAMPUR, Jan 30: India will emerge as the world’s third largest economy in Narendra Modi’s third term as Prime Minister, Union Minister Dr Jitendra Singh said on Tuesday.
The country has great stakes in the return of a BJP led Government headed by PM Modi in order to continue the upward trend in Bharat’s growth story, he said.
The Union Minister of State (Independent Charge) Science & Technology; MoS PMO, Personnel, Public Grievances, Pensions, Atomic Energy and Space, Dr Jitendra Singh was speaking at the launch of the BJP Election Office for the upcoming Lok Sabha Elections.
“In 2014, when PM Modi took over, India stood as the world’s tenth economy. In less than ten years, we jumped to 5th position after overtaking the United Kingdom, which had ruled over us for nearly two centuries. Hopefully this year it will emerge as the 4th largest economy and during PM Modi’s 3rd term, India will be the world’s 3rd largest economy,marching on to become the No.1 economy by 2047,” he said.
Dr Jitendra Singh said, in the last ten years under PM Modi, India is recording a rapid rise in a slew of global benchmarks.
During Financial Year 2023-24, Indian economy grew at 7 per cent plus for the third successive year even as the global economy struggles to grow at more than 3 per cent. We are the third-largest fintech economy in the world after the USA and the UK, he said.
Dr Jitendra Singh said, India has the 3rd largest Start-up Ecosystem globally and is home to the fastest-growing unicorns. “From just about 350 StartUps in the year 2014, StartUps in India grew over 300 times in over nine years. After PM Modi gave the clarion call ‘StartUp India, Stand Up India’ from the ramparts of the Red Fort in his Independence Day address and rolled out the special StartUp scheme in 2016, today we have over 1,30,000 Startups, besides more than 110 Unicorns,” he said.
Dr Jitendra Singh said, within a short span of just about four years, the number of Space StarUps has gone up from a mere single digit to over 150. Besides, there are more than 6,300 BioTech Startups and over 3,000 Agritech Startups in the Lavender sector of Jammu & Kashmir itself.
“About 4,000 people are engaged with Lavender cultivation and earning lakhs of rupees, quite a few of them do not have high qualifications, but are very innovative,” he said.