Kanpur

Uttar Pradesh Chief Minister Yogi Adityanath on Wednesday said that India has become one of the fastest-growing economies in the world and is set to become the third-largest economy within the next two years, as it currently stands at fourth position.

The Chief Minister was addressing students at the Industry-Academia Connectivity Programme through 'Samanvay' at IIT Kanpur.

"Various technical sessions will be held on Artificial Intelligence, Cyber Security and Sustainability, and all those issues will be discussed, about which the common civil society, country and the world are worried today and want to take advantage of them and move forward," he said.

Highlighting India's historical economic standing, the Chief Minister said, "India's contribution to the Global GDP was 25%. After a century, India rose to number two, while China remained at the top; however, over the last 150-200 years, a significant event occurred that caused India's ranking to decline continuously. By 1947, India's contribution to the global GDP remained at only 2 per cent."

He further stated that India has undergone significant transformation in the past 11 years and has now emerged as one of the fastest-growing economies globally.

"Today, we have become the fourth-largest economy in the world, and in the next two years, we will become the third-largest economy in the world. All of you will play a big role in making India the second-largest economy in the world," he added.

Meanwhile, President Droupadi Murmu, while addressing the 120th foundation day celebrations of City Union Bank in Chennai on Tuesday, said that the empowerment of farmers and strengthening of the rural economy should be a priority for India's banking sector.

President Murmu also stated that banks can play a crucial role in transforming MSMEs into engines of growth. "From start-ups to smart cities, there is a whole range of areas in which banks can help. Banks can become active partners in the making of a developed India," she said.

Despite notable progress in financial services, the President pointed out that challenges remain in areas such as digital literacy, internet access and financial awareness.

"Payment banks, digital wallets, and banking correspondents have taken financial services to the doorsteps of remote villages. Despite progress in this area, several challenges are still faced in terms of digital literacy, internet access, and financial awareness," she said.

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"The Indian Economy is among the fastest-growing large economies in the world, and the banking industry plays a pivotal role in its growth story," she added.