India will become third largest economy in the world: Mahendra Nath Pandey

Union Minister for Heavy Industries Mahendra Nath Pandey on Tuesday said India is moving fast towards becoming the third largest economy following the thrust on the manufacturing sector.

"The country is moving fast towards becoming the third largest economy due to the promotion of manufacturing under the able leadership of Prime Minister Narendra Modi," Pandey said addressing the inaugural session of the two-day international conference on 'India's Progress towards Third Greatest Economy after 75 Years of Independence'.

The conference was jointly organised by Lucknow University's Department of Commerce and Indian Accounting Association.

"Seeing the changing picture of the country socially and economically, even the critics of India are believing that with the speed with which the economy is growing, it is estimated that by the year 2027, India will become the third largest economy in the world," he said.

"Today, not only are new opportunities opening up for the youth in the country, but foreign companies are also investing in India. Many countries are setting up their manufacturing plants in India due to which the youth are getting new employment opportunities," he said.

Complimenting the Prime Minister, Pandey said, "India has emerged as a force to reckon with on the global stage and the world is watching with curiosity and wonder the progress of the Indian economy."

Giving advice to the universities, he said that "India today has the third largest startup ecosystem in the world. All educational institutions, especially universities, should take full advantage of this ecosystem and motivate their students for research and innovation."

It is the result of the positive steps taken by the Prime Minister to promote the production sector that there has been a 55 per cent increase in exports in the country in the last eight years, he added

According to a statement issued here, the convenor of the programme and Head of the Department of Commerce Professor Awadhesh Kumar formally inaugurated the inaugural session and welcomed all the dignitaries, including delegates and scholars from countries like India, Bangladesh, Oman, Singapore, Nepal and Bhutan.

A total of six technical sessions will be organised on the first and second day of the conference, Kumar said.