India is the world’s fastest-growing large economy: PM Modi

RAJKOT : Prime Minister Shri Narendra Modi stated that India is moving towards becoming the world’s third largest economy, and the data clearly shows that global expectations from India are continuously rising while inaugurating Vibrant Gujarat Regional Conference for Kutch and Saurashtra Region in Rajkot. Shri Modi underlined that India is the fastest growing large economy, inflation is under control, agriculture production is achieving new records, India is number one in milk production, number one in generic medicine production, and the largest producer of vaccines in the world.

PM Modi also underscored India’s expanding global presence: “We are the third-largest startup ecosystem and aviation market in the world, with metro rail networks ranked among the top three globally.” He credited recent reforms—including next-generation GST changes, insurance sector liberalisation, and modernisation of the Income Tax Act—for strengthening the economy and benefiting millions.

Global institutions are increasingly optimistic about India’s growth and stability, PM Modi noted. “The IMF calls India the world’s growth engine. After 18 years, S&P upgraded our credit rating, and Fitch has praised our fiscal credibility. Despite global uncertainties, India remains politically stable with a growing middle class and a strong foundation for sustained progress.”

Highlighting Gujarat’s role in India’s future, the Prime Minister announced key projects: “India’s first semiconductor fabrication plant is coming up in Dholera, supported by a predictable policy environment. In Kutch, a hybrid power park five times the size of Paris is under development, and Jamnagar is emerging as a hub for green energy.”

He stressed the need for an industry-ready workforce and reliable power to support India’s data-driven growth in semiconductors, AI, and research. “Nuclear power will be vital, and through the Shanti Act, the nuclear sector is now open to private investors to ensure dependable energy for emerging technologies,” PM Modi added.

Focusing on regional strengths, PM Modi identified Saurashtra and Kutch as engines of Atmanirbhar Bharat. “Saurashtra alone hosts 2.5 lakh MSMEs producing everything from screwdriver parts to aircraft components. The region also has the world’s largest ship-breaking yard and a major tile manufacturing hub, making it a key driver of industrial growth and investment,” he said.