Union Minister Piyush Goyal on June 9 highlighted India’s economic transformation over the past decade, emphasizing the role of Prime Minister Narendra Modi’s leadership in elevating the country from being part of the “fragile five” to one of the world’s hashtagTopFiveEconomies.
In the last 11 years, Prime Minister Modi has taken India from a fragile position to a place among the top five global economies,” Goyal said, underlining the dramatic turnaround in India’s global financial perception.
One of the key indicators he pointed to was the sharp decline in India’s sovereign borrowing costs. “In 2014, India was borrowing at 9% for a 10-year government bond, while the US was borrowing at just 2.7%.
Today, India’s 10-year bond yield stands at 6.28%, compared to 4.5% for the US. The gap has narrowed to just around 1.78%,” Goyal noted, suggesting that global confidence in India’s economic fundamentals has significantly improved.
Goyal also reiterated India’s emergence as a premier investment destination, driven by structural reforms, stable governance, and a focus on infrastructure and digital innovation. “Today, the world recognises us not only as the fastest-growing large economy but also as the most preferred place to do business,” he added.
The Minister stated that investor sentiment remains strong as India continues to attract large-scale hashtag#foreignInvestments and deliver record-breaking hashtag#GDP growth among major economies.
