India on its way to become 3rd largest economy, says FM Sitharaman

India today stands out as a fast-growing economy and will soon be the third-largest in the world, Finance Minister Nirmala Sitharaman said on Tuesday.

Addressing students at the Delhi School of Economics here, she said, India stood distinctly on its feet because of its economic strength. “What is making us literally stand out is the fast movement from the tenth largest economy in 2014 to fifth and the fourth, and now sooner, probably to the third,” she said.

She said the government had been able to pull 25 million people out of multi-dimensional poverty. As regards the banking sector, Sitharaman said the balance sheets of public sector banks had improved significantly compared to the twin balance sheet problem they faced 7-8 years ago.