India’s economic rise in Modi’s 11 years: From ‘Fragile 5’ to Global Top 5’: Piyush Goyal

Bern (Switzerland): Union Minister Piyush Goyal on June 9 highlighted India’s economic transformation over the past decade, crediting Prime Minister Narendra Modi’s leadership for the country’s rise from being among the “fragile five” economies to becoming one of the world’s top five.

“In the last 11 years, Prime Minister Modi has taken India from a fragile position to a place among the top five global economies,” Goyal stated.

Pointing to improvements in India’s financial credibility, the Minister noted a significant drop in the country’s sovereign borrowing costs. “In 2014, India was borrowing at 9% for a 10-year government bond, while the US was borrowing at just 2.7%. Today, India’s 10-year bond yield stands at 6.28%, compared to 4.5% for the US. The gap has narrowed to just around 1.78%,” he explained.

Goyal said the narrowing yield gap reflects growing global confidence in India’s economic management and macroeconomic stability.

He also emphasized India’s increasing attractiveness as an investment destination. “Today, the world recognises us not only as the fastest-growing large economy, but also as the most preferred place to do business,” he said, citing strong investor sentiment driven by consistent policy reforms, stable governance, and a focus on infrastructure and digital transformation.

Goyal’s remarks come as India continues to attract significant foreign investment and post record-high GDP growth among major economies. According to him, India’s economic performance is no longer seen as an outlier but as a model of consistent and resilient growth.

“Under the decisive leadership of Prime Minister Modi, India is on a trajectory of sustainable development—and the world is taking note,” he concluded.