India is the fastest-growing major economy in the world as per the World Economic Outlook report published by the International Monetary Fund (IMF).
As per IMF’s Managing Director Kristalina Georgieva, “even with global growth slowing down, India remains a bright spot in today’s world”.This is a clear paradigm shift from its position in 2013-14 when the Indian economy was listed as one of the ‘fragile five’ economies of the world. Today, India is the fifth largest economy in the world.
This has been possible because of multiple initiatives as well as reforms by the government. These include increasing the Capital Expenditure to create world-class infrastructure, implementation of GST, boost to exports and manufacturing through schemes such as PLI, reforms resulting in ease of doing business, reforms in labour laws, development of renewable energy capacity, reforms in FDI policy and ease of living for the common man through various welfare schemes like Pradhan Mantri Jan Dhan Yojana, Ayushman Bharat Scheme, Pradhan Mantri Awaas Yojana, Jal Jeevan Mission, among others.
India's remarkable transformation from being labelled as one of the 'fragile five' economies to becoming the fastest-growing major economy in the world is a testament to the country's resilience and the government's commitment to implementing reforms and driving sustainable growth.