'India is now the 5th largest economy in the world, climbing five spots in just eight years': PM Modi

India's Prime Minister Narendra Modi announced on Saturday that the nation has risen from tenth place to the fifth-largest economy in the world in just eight years. India had recently overcome the United Kingdom to take the fifth spot on the list a few weeks prior. Following that, predictions were made that the nation will move up to the third position.

India rose from the eighth to the fifth rank in the last eight years. When speaking at a virtual event for the "Rozgar Mela," Prime Minister Modi said, "This has been made possible because in the previous seven to eight years, we have removed the barriers that were standing in the way of the economic growth. According to PM Modi, several major economies around the world are "struggling with inflation, unemployment, side effects of the largest crisis in 100 years, which can't just go away in 100 days," according to news agency ANI. He was referring to the coronavirus, which had a devastating economic impact on many countries.

In the "Rozgar Mela," which take place on Saturday, 75,000 of the roughly 10 lakh persons who are the target of the government's recruiting push will receive offer letters. Adding that "self-reliance" is crucial for prosperity, PM Modi declared that "in the coming months, thousands of others would be granted work opportunities."

"Only a handful start-ups existed in 2014. Currently, the number has surpassed 80,000. Additionally, Indian businesses are growing more independent. India is moving toward being a worldwide centre in several industries, Prime Minister Modi emphasised.