NEW DELHI: Prime Minister Narendra Modi on Friday said that from a 'Fragile Five' economy before 2014, India has emerged as one of the top five economies of the world, owing to the reforms across sectors undertaken by the government over the past decade.
Hailing the banking sector reforms, PM Modi said banks were nationalised during former Prime Minister Indira Gandhi's tenure, with the argument that banking has to reach the poor. But in reality, banks moved away from the poor.
"In 2014, when we came to power, half of India's population did not have a bank account. We democratised the banking system and opened more than 50 crore Jan Dhan accounts in mission mode. We brought reforms into the banking sector," the Prime Minister said while addressing the NDTV World Summit 2025 here.
"Digital transactions have made India one of the most inclusive countries in terms of finance," he added.
PM Modi hailed the income tax and GST reforms and said that a saving of Rs 2.5 lakh crore is guaranteed with these reforms in place. He added that because of GST, sales have broken all past records in the festive season.
The GST reforms have led to lower prices, smoother credit flow, resolution of tax inversion issues and reduced disputes, ultimately cutting costs for producers and consumers alike.
Lauding the transformation of state-run BSNL, PM Modi said India is among the top five countries which has their own 4G stack. The operational rollout of the 4G stack has improved connectivity in rural and remote areas, enhancing broadband coverage and inclusion.
India’s fully indigenous 4G technology stack, namely Bharat Telecom Stack, has been deployed across about 1 lakh BSNL towers, and it has been proven ready for global exports.
Citing the success of UPI, PM Modi said India has proved everyone wrong and today, world's 50 per cent digital transaction happens in India, and UPI dominates the global digital payments market.