India to emerge as third largest economy: Verma

"Being one of the fastest growing economies, India is set to become world`s third largest economy by 2025. Its economic indicators and growth story point towards the path to becoming an economic super power", Verma said addressing as chief guest on the ninth convocation of NIT Rourkela.

India`s growth rate in last six to seven years has been remarkable and recorded at an average of over eight per cent, the SAIL chief said We are living in an era of R and D and continuous innovation. Major global companies are investing billions of dollars every year to create a faster, a more powerful processor which goes into computer, he said. Verma said it has also been observed of late that a growing number of talented youths of the country be it from the NITs, IITs and IIMs are now wanting to stay in the country and be a part of the Indian growth story.

Public sector companies had played a prominent role in industrialisation and economic development. It has created employment opportunity, promoting balanced regional development and generating development resources. Even today majority of cool, crude, oil, natural gas production or power generation come from the Public sector, the SAIL chief said.