Updated March 4th, 2024 at 15:19 IST

'High GDP growth to propel India become third-largest economy': PM Modi

PM Modi attributed the reduction in poverty levels to the center's flagship 'Gareeb Kalyan Yojana'.

Reported by: Saqib Malik
PM Narendara Modi | Image:X- @BJP4India
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India world's third largest economy: Prime Minister Narendra Modi on Monday said the more-than-anticipated 8.4 per cent Gross Domestic Product (GDP) growth witnessed in the third quarter of the present financial year, will propel India to become the world's third-largest economy soon. 

Addressing a rally at Adilabad in Telangana, PM Modi said that with the present growth pace, India is receiving a major boost to become the world's third-largest economy of the world.  

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“India is the only economy globally, which has emerged as an advancing economy with such a high growth rate. The 8.4 per cent growth in the last quarter is a key driver for the economy,” said Modi. 

The Prime Minister, while referring to recently released data on India's achievement in bringing down poverty levels, said the center's flagship ‘Garib Kalyan Yojana’, aimed for the upliftment of the economically downtrodden strata, has helped reduce poverty levels. Notably, during the last decade, as per global assessments as well center's data, less than 3 per cent population in India, was now living under the poverty line

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“Development for us means helping the poorest of the poor to prosper. A record population was brought out from the poverty bracket,” said Modi.  

Infra projects 

Prime Minister Modi laid the foundation stone of multiple development projects related to power, rail and road sectors in Telangana worth more than Rs 56,000 crore. Among other projects, dedicated NTPC's 800 MW (Unit-2) of Telangana Super Thermal Power Project in Peddapalli.

As per an official communique, based on ultra-supercritical technology, NTC's project will supply 85 per cent power to Telangana and will have the highest power generation efficiency of approximately 42 per cent among all power stations of NTPC in the country. The foundation stone of the project was also laid by the PM earlier.

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The PM also dedicated the 660 MW (Unit-2) of North Karanpura Super Thermal Power Project in Chatra, Jharkhand. This is the country's first Supercritical Thermal Power Project conceived with an Air Cooled Condenser (ACC) of such large magnitude which reduces water consumption to one-third in comparison to conventional water-cooled condensers.

The commencement of work in this project was flagged off by the Prime Minister.

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Modi said the Rs 56,000 crore worth projects will write new chapter of development in several states.

He further said today India was the "only country" in the world which has emerged as a large economy by clocking 8.4 per cent growth in the previous quarter. India's growth rate was the point of discussion for the past 3-4 days across the world.

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"With this pace, India will become the third largest economy of the world," he added.

Further, Centre was cooperating in every way in realising the development dream of the people of Telangana, the PM said.

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In his address, Revanth Reddy said PM means like a big brother and that the state needs his support for it to progress like Gujarat, Modi's home-state.

Telangana, a Congress-ruled state did not want confrontation with the Centre and desired cordial relations, he said.

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"We would like to contribute to the ambitious target of a USD 5 trillion economy," he added.

Union Minister G Kishan Reddy also participated. PTI SJR VVK GDK SA
 

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Published March 4th, 2024 at 12:26 IST