In UAE, PM Modi reiterates India to become third largest economy in his third term

Members of the Indian diaspora attend PM Narendra Modi's 'Ahlan Modi' programme in Abu Dhabi, UAE, on February 13. PTI

Prime Minister Narendra Modi reiterated that India will become the third largest economy in the world during his third term. He was addressing the Indian diaspora at the Zayed Sports Stadium on February 13 for the 'Ahlan Modi' event.

"This is a guarantee from Modi, which means there is a guarantee that this guarantee will be fulfilled," the prime minister added.

India is headed for general elections in April-May 2024.

Articulating on the progress made in the last 10 years from housing to health, Modi said that India is now looked upon as the "friend of the world" and the country's voice is heard worldwide.

On January 29, the finance ministry published a report reviewing the Indian economy where they said India's GDP may grow close to 7 percent in 2024-25, adding that under a reasonable set of assumptions with respect to the inflation differentials and the exchange rate, India can aspire to become a $7-trillion economy in the next six to seven years (by 2030).

The Indian economy has been growing faster than anyone anticipated, with the statistics ministry's first advance estimate pegging GDP growth in 2023-24 at 7.3 percent, 80 basis points higher than the Reserve Bank of India's (RBI) estimate. The Indian central bank has since raised its growth forecast to 7 percent.

Finance minister Nirmala Sitharaman last month had also said that India would be able to become the third largest economy in the world with its GDP likely to cross $5 trillion by 2027-28.

The prime minister further said that Unified Payments Interface (UPI) facility will soon be operational between UAE and India ensuring seamless transactions between the two countries.

These comments came a few hours after PM Modi and UAE President Sheikh Mohammed Bin Zayed Al Nahyan introduced the UPI RuPay card service in Abu Dhabi. This follows the MoU on interlinking payment and messaging systems signed in July last year during the PM’s visit to Abu Dhabi.

On Feb 12, India launched its UPI system in Sri Lanka and Mauritius.

"The world now knows India can play a crucial role in establishing a trusted global order. I am happy that India and UAE together is strengthening this trust of the world," Modi said.