India's Economic Surge: From Fragile Five to Global Powerhouse

Vice President Jagdeep Dhankar highlighted India's remarkable economic growth over the past decade, from eleventh to fifth place globally. He emphasized potential future growth, echoed by RBI Deputy Governor Michael Debabrata Patra, projecting India as the second-largest economy by 2031 and the largest by 2060.

Vice President Jagdeep Dhankar confidently proclaimed on Saturday that India's economy is on the rise, noting that the nation has leaped from the eleventh to the fifth slot globally in just a decade. Speaking at the 3rd GCTC Cyber Security Conference, Dhankar stated, "Just a decade ago, we were among the fragile five economies. What a jump in a decade! From slot number eleven, we are at number five."

Dhankar emphasized the importance of various economic indicators, linking them to the country's demographic size. He asserted, "I do not doubt that our economy is looking up, and it is looking up on account of various steps taken."

In a related development, Michael Debabrata Patra, Deputy Governor of the Reserve Bank of India (RBI), projected ambitious growth for the nation. Speaking at a program at the Lal Bahadur Shastri National Academy of Administration, Mussoorie, Patra predicted that by 2031, India could become the world's second-largest economy, surpassing earlier forecasts targeting 2048, and achieving the top spot by 2060. Patra highlighted India's recent milestone of becoming a $3.6 trillion economy in the fiscal year 2023-24. The OECD also supports this optimism, projecting that India will overtake the US in PPP terms by 2048 to become the second-largest global economy.