India’s Economic Transformation: From Fragile 5 to Global Top 5 in 11 Years Under Modi’s Leadership — Piyush Goyal
India’s Economic Rise in Modi’s 11 Years: From ‘Fragile 5’ to Global Top 5, Says Piyush Goyal
India’s remarkable economic transformation over the past 11 years under Prime Minister Narendra Modi’s leadership has been lauded by Union Minister Piyush Goyal, who highlighted how the nation evolved from being part of the so-called “Fragile 5” economies to securing a position among the world’s top five. Speaking in Bern, Switzerland on June 9, Goyal attributed this dramatic turnaround to strong governance, consistent policy reforms, and a focus on infrastructure and digital innovation that have redefined India’s global economic standing. The Minister underscored India’s improved financial credibility by pointing to a sharp decline in sovereign borrowing costs over the past decade. In 2014, India’s 10-year government bond yields stood at a high 9%, while the United States was borrowing at just 2.7%. Today, those figures have shifted dramatically: India’s bond yield is at 6.28%, and the US sits at 4.5%, reflecting a significantly narrowed yield gap of just 1.78%. This narrowing is viewed as a strong indicator of growing global confidence in India’s macroeconomic stability and fiscal management.
Piyush Goyal emphasized that India is now widely recognized not only as the fastest-growing large economy but also as one of the most preferred destinations for global investment. He attributed this positive investor sentiment to the Modi government’s unwavering commitment to policy stability, transparent governance, and strategic emphasis on digital transformation and infrastructure development. These initiatives have helped India attract record levels of foreign direct investment, even as other economies face turbulence. According to Goyal, India’s growth story is no longer considered an exception but is now seen as a benchmark for consistent, resilient, and sustainable development. He asserted that under Prime Minister Modi’s decisive leadership, India has established itself as a global economic force to be reckoned with.
As the world watches India’s ascent with growing interest, it becomes evident that the country’s journey from economic vulnerability to global prominence is a testament to the power of visionary leadership, structural reforms, and long-term strategic planning. The government’s focus on macroeconomic fundamentals, combined with its ability to navigate global challenges, has set India on a path of continued growth and influence on the international stage.
For video news, visit our YouTube channel THE OLIGO.
