India to Soon Become World’s Third Largest Economy: RBI Governor

Reserve Bank of India (RBI) Governor Sanjay Malhotra on Saturday said that India is on course to becoming the world’s third-largest economy, driven by robust growth and inclusive financial reforms.

Speaking at the “Santripti Shivir” financial inclusion campaign organised at Rangwasa village in Indore, Malhotra highlighted the role of the Pradhan Mantri Jan Dhan Yojana (PMJDY) in transforming India’s economic landscape.

“The central government and RBI launched the Jan Dhan Yojana in collaboration with banks 11 years ago. This initiative has significantly strengthened financial inclusion and contributed to the country’s development,” he said.

His remarks come at a time when India’s GDP registered 7.8% growth in the April–June quarter of the current fiscal year, the highest in the past five quarters, despite external challenges such as the recent imposition of heavy tariffs by the United States.

Malhotra emphasised that continued focus on financial inclusion, banking reforms, and digital penetration will further accelerate India’s economic journey and ensure equitable growth across regions.