India becoming 5th largest economy not a mean achievement: FM Sitharaman

| | New Delhi
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India becoming 5th largest economy not a mean achievement: FM Sitharaman

Friday, 09 September 2022 | PTI | New Delhi

India becoming 5th largest economy not a mean achievement: FM Sitharaman

India becoming the fifth largest economy from 11th in a decade is not a "mean achievement" and the people of India should take credit for it, Finance Minister Nirmala Sitharman said here on Friday.

India has overtaken the UK to become the world's fifth-largest economy and is now behind only the US, China, Japan and Germany, according to IMF projections. A decade back, India was ranked 11th among the large economies while the UK was at the fifth position.

"It is not a mean achievement...It is the people of India who should take credit for it," Sitharaman said while addressing the 'BusinessLine Change Maker Awards'.

The finance minister further said that during these 10 years, there was an outbreak of COVID-pandemic and everything came to a grinding halt.

She said there are always questions about the shape of the recovery post-pandemic, "but the fact is the recovery still retains us as the fastest growing economy from among the large-sized economies".

Sitharaman also stressed that there should not be negativity and cynicism about the country's achievements.

"So, I take this opportunity for all of us to give ourselves that moment of pause. Think about what we are doing to our country. Even if we don't serve it, at least don't disservice it. At least don't spread your toxicity. This is a time when all of us want to be positive," she said.

The minister also highlighted the achievements India has made in the field of digital payment and vaccination.

Referring to the huge amount of payments made through the popular Unified Payments Interface, Sitharaman said UPI "is now the envy of the world".

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