India now among top‑5 economies

External Affairs Minister S. Jaishankar said on Saturday that India has emerged as one of the world’s top‑five economies, highlighting the country’s resilience through recent global shocks and steady macroeconomic performance. Speaking at the 15th annual convocation of the Indian Institute of Management (IIM) Raipur, he underlined the role of policy continuity, digital transformation and infrastructure investment in lifting India’s global standing.

The address, delivered to thousands of graduates and faculty, comes as latest national‑income data and global‑ranking estimates place India firmly within the top‑five largest economies by nominal GDP, overtaking several advanced‑economy peers over the past decade. Jaishankar described this as a “definitional shift” in India’s profile, not just a statistical milestone, and called on the current generation of professionals to shape the next phase of growth.

Optimism despite global shocks

Jaishankar noted that multiple global shocks—ranging from the Covid‑19 pandemic to geopolitical conflicts and climate‑related disruptions—have tested India’s resilience, yet the country has navigated them “fairly successfully.” He cited steady growth, relatively stable inflation and a robust external‑sector position as key indicators of macroeconomic strength.

Referring to the broader global backdrop, he pointed out that many advanced economies face higher uncertainty, slower growth and political fatigue, in contrast to India’s rising optimism. That optimism, he said, stems from the “last 10 years having been much better,” which has built confidence that the next decade and beyond can sustain the momentum.

Focus on ‘Viksit Bharat’ and self‑reliance

At the convocation, Jaishankar tied India’s economic rise to the government’s “Viksit Bharat” vision, stressing that developed‑nation status will depend on productivity, innovation and inclusive development. He underscored the importance of “Atmanirbhar Bharat” across critical domains such as food security, health, energy and national defence.

Where self‑reliance is not fully feasible, he argued for “trusted partnerships” in trade, technology and supply‑chain cooperation. He highlighted large‑scale infrastructure projects—highways, rail freight corridors, ports, airports and inland waterways—as enablers of manufacturing and logistics competitiveness.

Youth urged to lead global‑ready India

Appealing to the graduating batch, Jaishankar said the jobs they take will increasingly operate in a globalised environment, where Indian firms export, source inputs internationally and manage cross‑border teams. He urged them to understand different countries, cultures and regulatory regimes, and to see foreign policy and business as closely linked.

Pointing to India’s diplomatic outreach, he said foreign policy now focuses on expanding market access for Indian producers, on acquiring technology and resources, and on supporting overseas‑based Indians. Brand India, he added, is being built through business success, innovation and soft‑power influence, not just state‑led messaging.timesofindia.

Leadership, values and decision‑making

Jaishankar also shared personal reflections on leadership, telling students that success depends on preparation, clear objectives and the ability to take tough decisions under pressure. He described negotiation and diplomacy as skills sharpened by practice, but stressed that “understanding the other side’s thinking” matters more than technical technique.

He maintained that real leadership is tested when choices are difficult, not when everything runs smoothly. Linking this to national priorities, he said anyone whose guiding principle is “India first” will find direction easier, even when trade‑offs arise.

Competition balanced with compassion

On personal conduct, Jaishankar underscored that life is not just about careers but also about relationships, friendships and networks that broaden perspectives. He encouraged students to treat competition as a driver of self‑improvement while remaining sensitive to colleagues, communities and the wider social fabric.

He emphasised that leadership evolves with responsibility, and that people who step up voluntarily, take extra effort and own outcomes tend to gain long‑term advantage. At the same time, he warned that competition without empathy can erode trust and institutional cohesion.

What lies ahead for India’s economy

With India now among the world’s top‑five economies, Jaishankar signalled that the next challenge is to translate size into higher‑quality growth and global influence. He cited the need for sustained investments in skilling, digital‑public‑infrastructure expansion and cleaner‑energy adoption to keep growth on track.