Currently, India is the fifth largest GDP of the world with GDP worth Rs 3.75 trillion USD. Recently, it beat the economy of Britain to get the fifth position. Now Indian Prime Minister Narendra Modi has pledged to make India 3rd largest economy by coming years. Many opposition leaders believe that this is the stunt of Narendra Modi to get votes in the 2024 Loksabha elections. Now a debate has started that Will India become 3rd largest economy of world or not? If it became then when it will achieve it. In my view, I am very much confident of India becoming 3rd largest economy of the world very soon because India is growing very fast in many sectors and still there is huge potential waiting for growth.
Modi government is working hard to complete this dream soon. To reach the 3rd position, India needs to pass the economies of Germany and Japan which stand at 4.3 and 4.4 trillion respectively. The good things for India is that the economies of both Germany and Japan are growing much slower than India, therefore, India is very likely to overtake both these economies soon. Defense sector has emerged as great export potential of India and if things went fine then India can easily become 3rd economy of the world by exporting multiple weapons to the other countries. The export of weapons is very profitable business and countries like China and US have become big economies with the help of export of defense equipment.
Indian defense sector export is growing at very high speed and we can expect many more orders for fighter planes like Tejas, fighter helicopter like Prachand, missiles, air defense systems and artillery guns. From last nine years, Modi government has worked very hard on the growth in defense sector of India so that India can also emerge as a weapon exporter. Not only the defense sector, Modi government has worked on many other possibilities to increase the economy of India. India is developing fast in the new categories like space exploration and chip development. India is also streaming like it financial sector by developing its own SWIFT like banking system. Many world countries have accepted Indian UPI system in their nations too.
The good point of India is that most of its competitors are facing stagnancy because of exploitation of all possibilities but India has many untapped possibilities for it. The world is also recognizing this potential of India and they are coming to invest in India. Earlier, it was predicted that India will pass the economy of England in 2025 but India achieved it much earlier. So, I hope that India will become 3rd largest economy of world very soon.
