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- By Vaamanaa Sethi
- Tue, 15 Aug 2023 09:25 AM (IST)
- Source:JND
Prime Minister Narendra Modi, while addressing the country at Red Fort on 77th Independence Day of India, assured that India will become the third largest economy in the world in the next five years. “ In the coming 5 years, India will be in the top 3 economies in the world. This is Modi’s guarantee.” PM Modi said.
He further highlighted that the global credit rating agencies are now recognizing India.
“Global experts say India will not stop now, all rating agencies are praising the country. Ball in our court and we should not let go of opportunity; no ifs and buts on anyone's mind about India's capabilities,” PM said.
He further added, “In shaping a changing world, Indian people's capabilities are evident. India's biggest capability is trust - people's trust in govt, in the country's bright future and the world's trust in India.”
Last week, Brokerage firm Morgan Stanley upgraded India’s status from ‘equal weight’ to ‘overweight’ to its stock market, nearly after four months. ‘Overweight’ rating means that the brokerage firm expects India’s economy to perform better in the future.
India has now ranked among most-preferred markets among emerging markets, rising from sixth position. The firm believes that India’s reform and macro-stability agenda supports a strong capex and profit outlook.
India's macro indicators remain resilient, and the economy is on track to achieve the 6.2% GDP forecast, the brokerage firm said. "India rises from 6 to 1 in our process, with relative valuations less extreme than in October, and India's ability to leverage multipolar world dynamics is a significant advantage," Morgan Stanley analysts said.
Whereas, Global Rating Agency Fitch reaffirmed India’s sovereign rating at ‘BBB-’ (Tripe B Minus) with a stable outlook. A sovereign rating helps the foreign investor take a call to put money in a particular country.
“India’s rating reflects strengths from a robust growth outlook compared with peers and resilient external finances, which have supported India in navigating the large external shocks over the past year,” the agency said in rating commentary.
PM Modi further said, “I am talking about the last 1000 years because I see that there is opportunity before the country once again...What we do in this era, the steps we take, and the decisions we take one after the other will germinate the golden history of the country in the coming 1000 years….”