India's economy is rapidly expanding and will soon rank third in the world, according to Finance Minister Nirmala Sitharaman on Tuesday.
In her Diamond Jubilee Valedictory Lecture at the Delhi School of Economics (DSE) here, she stated that India is progressing quickly in a number of areas, most of which are related to the economy. "Of course, India and its population, India and its location have strategic significance, but India stands together today and stands tall and stands distinctly on its feet because of the economic strength of India," she stated. "What is making us literally stand out is the fast movement from the tenth largest economy in 2014 to fifth and the fourth, and now sooner, probably to the third," she stated.

She highlighted that Indians should have faith in their own abilities and the economic might of their nation. "As Indians who contribute to the economy, we need to believe that we are accomplishing our objectives on our own. Those who claim that our economy is inadequate should not influence us. With 140 crore people living in the country, who can possibly claim that our economy is dead? While it's acceptable for foreigners to make fun of us, we citizens of the nation should never criticise the efforts and accomplishments of our own people. We are solely responsible for it. "It has a much higher multiplier effect than revenue expenditure -- and that has proven to be correct," she stated in reference to the government's strategy and capital expenditure-led growth model.

According to her, it is evident that the multiplier is fulfilling its purpose because the growth numbers are staying at their current level.
"We are at an inflection point in India - particularly when we look at our economy - with new and powerful factors coming into play, most notably the immense importance that technology is acquiring," Sitharaman stated, emphasising the role that technology will play in driving growth. Land, labour, and capital would either be idle or lose value without technology today, she said, adding that technology is crucial for everything from identifying a small farmer's plot of land to the manufacturing industry, where artificial intelligence is quickly changing production models.

"The era of artificial intelligence is here. Some people are afraid of it because they think it will eliminate jobs. However, other people are using AI to provide novel solutions for persistent problems in infrastructure, public systems, medical devices, and other areas, she added. She encouraged students to create models appropriate for emerging economies and to expand India-centric research and policy engagement. "I expect the Delhi School of Economics to improve and develop better field immersion programmes enabling students to work closely with districts, MSMEs, SHGs, and cooperatives - so they can better understand the ground realities behind data and economic analysis," she stated.

Significant progress has been accomplished in the areas of women's empowerment and upliftment during the past ten years, she said, adding that several efforts have brought about meaningful change for women at the district level as well as through national and state legislation.