'India is poised to become third largest economy next': FM

Visakhapatnam: Prior to 2014, Union Finance Minister Nirmala Sitharaman termed 10 years as a completely 'lost decade' because of the bad policies, massive corruption that persisted, among other factors, that pushed the economy literally down from where it was in 2004.

Responding to recent comments made by former Finance Minister P Chidambaram, who had said that Prime Minister Narendra Modi was turning an 'arithmetic inevitability into a guarantee at 'Viksit Bharat Ambassador Campus Dialogue' programme held at GITAM in Visakhapatnam on Monday, the Finance Minister countered, stating, " From the 10th rank in 2014, India's economy has reached the 5th rank in a matter of a decade. Now from the 5th rank, the PM's objective is to get the country placed in the top third rank. There is a constant fight against forces that undermine the people of the country," the Finance Minister retorted.

Sharing her observations, Nirmala Sitharaman said, unless the GDP grows, the demands of the economy would remain unmet. "Nothing grows automatically. It needs tremendous efforts that help the economy grow at micro and macro levels. Unless there is a cohesive policy and visionary leadership, unless there is a firm grip over administration without corruption, it is difficult to achieve the desired outcomes," the FM said.

India needs stability and inclusive growth.The nation needs an effective and corruption-free government that looks after every section of the people, the Finance Minister reiterated.

About the goals of Viksit Bharat, the Finance Minister elaborated how the nation's economy has to go through a chartered path to achieve them and reach the destination of a 'developed India' by 2047.

In the question and answer session, the Finance Minister responded to students when they asked about the means to bridging the gap in equipping students with skills irrespective of their rural or urban location, how the Centre is providing quality training portals, among others.

Speaking on the occasion, GITAM president and alliance Visakhapatnam Lok Sabha candidate M Sribharat exhorted the students that they have a larger role to play in the growth of India and urged them to contribute to the economy through innovative and cost-effective projects.