Daijiworld Media Network - New Delhi

New Delhi, Nov 4: Finance Minister Nirmala Sitharaman on Tuesday said that India is rapidly progressing toward becoming the world’s third-largest economy, attributing the country’s growing global stature to its strong economic foundation.

Delivering the diamond jubilee valedictory lecture at the Delhi School of Economics, Sitharaman said, “India today stands tall and distinct on its own feet because of its economic strength. We are advancing swiftly across multiple parameters, most of which are economic in nature.”

She noted that while India has not yet achieved the status of a developed nation, it is firmly on the path to “Viksit Bharat 2047.” Highlighting India’s remarkable growth trajectory, she added, “From being the 10th-largest economy in 2014, we are now the 5th, soon to become the 4th, and before long, the 3rd.”

Sitharaman pointed out that around 25 million people have been lifted out of multidimensional poverty, underscoring the need for more India-centric research and policy models tailored to emerging economies.

On the economic front, the Finance Minister said major reforms are underway in customs procedures and highlighted the strong turnaround in the banking sector. She noted that public sector banks now have robust balance sheets — a stark contrast to the “twin balance sheet problem” inherited from the previous UPA regime.

Reaffirming fiscal discipline, Sitharaman expressed confidence that the government will achieve its fiscal deficit target of 4.4 per cent for 2025–26. Data released on Friday showed the deficit for the first half of the fiscal year stood at Rs 5.73 lac crore, or 36.5 per cent of the annual estimate — well within control.

“The figures demonstrate that India’s fiscal position is stable and conducive to sustained, balanced growth,” the finance minister concluded.