Mumbai: Reserve Bank of India Governor Sanjay Malhotra has projected that India is on track to become the world’s third largest economy in the near future, highlighting the transformative impact of the Pradhan Mantri Jan Dhan Yojana on the nation’s growth trajectory. Speaking at the 'Santripti Shivir,' a financial inclusion campaign for government banks held in Rangwasa village, Indore, Malhotra traced India’s recent economic strides to policies that encouraged mass participation in financial systems.
“The collaborative effort of the central government, RBI, and banking institutions through Jan Dhan Yojana over the past 11 years has paved the way for development across the nation,” Malhotra said. The scheme, he noted, has led to the opening of 55 crore accounts, enabling citizens from all sections to access savings, pensions, insurance, credit, and other financial services, thereby integrating millions into the formal economy.
The Governor’s remarks come in the backdrop of India posting a GDP growth of 7.8% in the April-June quarter of the current fiscal year the highest growth in five quarters, prior to the imposition of significant tariffs on India by the United States. Malhotra underscored that India’s economic progress has positioned it among the five most developed countries globally and expressed optimism about the nation soon climbing to the third spot in global economic rankings.
The event also witnessed the presence of State Bank of India Chairman C. S. Setty, who lauded the role of financial inclusion in bridging the gap between urban and rural populations, reinforcing the narrative of inclusive growth driving India’s rise on the world stage.
By combining policy-driven financial access with robust economic performance, India appears set to secure a prominent place in the global economic hierarchy, with the RBI Governor’s vision signaling confidence in the nation’s upward trajectory.