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Indian Economy: Prime Minister Narendra Modi It said on Saturday that India is on the way to become the third largest economy in the world and hence there is a need to be cautious about its economic interests. Recently, a report by Morgan Stanley came out, which said that India is on the way to become the third largest economy by 2028 and plans to increase its GDP from double to $ 10.6 trillion by 2035.
The country’s economy is increasing firmly
Addressing a public meeting in Varanasi today, PM Modi said, “India is ready to become the third largest economy in the world, so India will have to be aware of its economic interests. Our farmers, our small scale industries, employment for our youth are paramount for us. The government is making every effort in this direction. Is growing
Improvement in GST collection
According to data released by the Finance Ministry on Friday, India’s Goods and Services Tax (GST) collection in July has increased by 7.5 percent to Rs 1,95,735 crore on an annual basis. With this, the collection was above Rs 1.8 lakh crore for the seventh consecutive month. In April-July 2025, the collection has increased by 10.7 percent to Rs 8,18,009 crore on an annual basis.
Inflation is under control
There has been a decrease in inflation in the country, which has been relieved to the people. The Consumer Price Index (CPI) inflation has come down to 2.10 percent in June 2025, which is its lowest level since January 2019 and the estimate of the Reserve Bank of India regarding inflation is within 4 percent. The decline in inflation is mainly due to low food items such as vegetables, grains, pulses, milk, spices and sugar prices, which has helped in decreasing domestic expenses.
Improvement in rural economy too
The economy of rural India is also improving. According to NABARD’s Rural Economic Status and Bhava Survey (RECSS) for July 2025, 76.6 percent rural families reported an increase in consumption, while 39.6 percent experienced an increase in income compared to last year. Rural inflation declined to 1.72 percent in June, a rapid fall of 394 base points compared to a year ago, indicating better supply and employment in non-urban areas.
Hindustan Unilever (HUVR), a big company of FMCG sector, in the management meeting after its first quarter, mentioned that there is a improvement in rural areas as well and the demand in cities is also increasing rapidly. Vikas is getting force through small cities and mediums like e-commerce and quick commerce. HUVR’s rural business is about one-third of its total portfolio. The RBI has also reduced the repo rate from 6.5 percent to 5.5 percent in January 2025, which has helped reduce the cost of lending and has boosted both consumption and investment without inflation pressure.
Export boom
India’s exports increased to $ 210.31 billion in the first quarter (April-June 2025) of FY 2025-26, which shows a growth of 5.94 percent year-on-year, while imports have booured by 4.38 percent. Due to this, the trade deficit has reduced by 9.4 percent to $ 20.31 billion. Services exports also increased by 10.93 percent to $ 98.13 billion, while non-petrolium exports increased by 5.98 percent and non-script and 7.23 % in non-jewelery exports, indicating widespread strength in all categories of exports.
Exports have been promoted in segment such as electronic goods, tea, meat, dairy, poultry, jute construction and grains. Exports have been encouraged due to all the policies of the government. The ‘Make in India’ initiative promoted electronics exports, while the self -sufficiency mission in pulses helped reduce dependence on imports.
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