Republic World | 'Modi Hai Toh Mumkin Hai': Union Ministers Euphoric As India Becomes Fifth-largest Economy

Sep 03,2022

In a major achievement from the economic front, the Indian economy became the fifth-largest globally, leaving behind the United Kingdom (UK), according to the International Monetary Fund. India surpassed the UK in the final three months of 2021, on the basis of the figures calculated in dollars. The size of the Indian economy in ‘Cash terms’ ending in March 2022 was $845.7 billion on an adjusted basis and using the dollar exchange rate on the last day of the relevant quarter, while as per the IMF report, the UK had a market value of $816 billion.

Some of the top leaders of Team Modi’s Cabinet praised his leadership in making India one of the top economies in the world. Minister for Housing & Urban Affairs & Minister for Petroleum and Natural Gas, Hardeep Singh Puri credited PM Modi and termed the achievement as the ‘best possible tribute to the freedom fighters’.

‘PM Modi’s reformist policies made India world’s fifth largest economy’
“PM Modi Ji’s reformist & growth oriented policies have made India the world’s 5th largest economy! Sweet poetic justice & a reversal of fortunes. India overtakes UK, its coloniser in a best possible tribute to our freedom fighters as we celebrate #IndiaAt75,” said Puri.

India is marching ahead to become an economic superpower with Modi’s reform, perform, transform mantra, said Minister of Health and Family Welfare, Chemicals and Fertilizers, Mansukh Mandaviya, "India under PM @NarendraModi Ji's dynamic leadership surpasses UK to become world’s 5th biggest economy. With the mantra of reform, perform & transform, New India is writing new pages of success & marching rapidly towards becoming an economic superpower," tweeted Mansukh Mandaviya.

Meenakashi Lekhi, Union Minister of state for external affairs took a dig at the Opposition and also hailed PM Modi's careful handling of the governance at an official and personal level. She said, "This just shows 'Modi hai toh Mumkin hai.' In 2014, when we didn't have a government and India was going through a very dire situation, we were slipping everywhere, be it food inflation or being known as a 'fragile 5', and getting to top five positions from there is a big step. By working hard, we have reached here, all this is possible when PM Narendra Modi is taking care of everything at personal level as well as officially."

Finance Minister Nirmala Sitharaman and Information & Broadcasting Minister Anurag Thakur cited the IMF figures and said a decade ago, while India was in the 11th position, UK was the fifth largest economy. "The IMF’s own forecasts show India overtaking the UK in $ terms on an annual basis this year, putting the Asian powerhouse behind just the US, China, Japan and Germany. A decade ago, India ranked 11th among the largest economies, while the UK was 5th."

Expressing joy at the achievement, Commerce Minister Piyush Goyal said, “India is the world's fifth biggest economy now!.”