India set to become third largest econ in few years, says Minister Vaishnaw
This story was originally published at 22:33 IST on 21 January 2026
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NEW DELHI – India is set to become the third largest economy in the next few years, thanks to "very transformational change" over the last 10 years and well "thought through and very focused execution" of things, Union minister Ashwini Vaishnaw said at the World Economic Forum at Davos on Wednesday.
He said that India is a very resilient economy with strong fundamentals, both macro and micro, and that has helped it through "this turbulent period". "Our exports have actually increased despite the tariffs. Our producers are finding new markets," Vaishnaw, who holds the portfolios of railways, information and broadcasting, and information technology, said during a panel discussion.
"We are growing our export sector in multiple ways. For example, electronics has now become the third largest exported commodity out of India, after, of course, engineered goods and petroleum products," he said.
The minister said that India is engaging with many markets for mutually complementary trade agreements. "We have had an agreement with the UK, with Switzerland, with the UAE, Qatar, Australia, and New Zealand. Another one is right now in the works with Europe. So, lots of engagement globally," Vaishnaw added.
The minister said that the only area of concern is the global debt "which is there in the rich world". "The mountains of debt in the rich world, how that debt will unravel, what will be the impact?" he said. "We saw yesterday in Japan there was a run on the bonds. So that kind of thing if it happens on a very large scale, what will be the impact on our country, is a matter of concern. Otherwise, everything else is in a very good shape," Vaishnaw said at the panel discussion. End
Reported by Asim Khan
Edited by Akul Nishant Akhoury
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