India on Brink of Becoming a Top-Three Global Economy, Says Finance Minister

India is firmly on the path to becoming the world's third-largest economy, Union Finance Minister Nirmala Sitharaman affirmed on Tuesday.Speaking at the Delhi School of Economics, she highlighted the nation's remarkable economic ascent, moving from the tenth-largest economy in 2014 to its current position as the fifth-largest.Sitharaman emphasized that India's economic strength is what makes it stand out on the global stage. "What is making us literally stand out is the fast movement from the tenth largest economy in 2014 to fifth and the fourth, and now sooner, probably to the third," she stated.This rapid progress, she noted, is a testament to the country's robust and fast-growing economy.The Finance Minister also pointed to significant social and economic achievements that have accompanied this growth. She mentioned that the government has successfully pulled 25 million people out of multidimensional poverty Furthermore, Sitharaman highlighted the improved health of public sector banks, noting that their balance sheets are now significantly stronger compared to the "twin balance sheet" problem they faced seven to eight years ago.Addressing the nation's fiscal health, Sitharaman expressed confidence in meeting the ambitious fiscal deficit target of 4.4 percent for the current financial year.Looking ahead, the Finance Minister reiterated the government's long-term vision. By 2027, India is expected to surpass Japan and Germany to become the world's third-largest economy with a GDP exceeding $5 trillion. The ultimate goal, she has previously stated, is for India to achieve the status of a developed economy by 2047. This journey, she emphasized, requires political stability and consistent, decisive policies to maintain the growth momentum.Sitharaman called upon economists and academics to develop more India-centric economic models, moving away from a reliance on Western-centric theories. She urged a data-driven approach to better understand and shape policies for the country's unique economic landscape