India to become world's third largest economy soon: RBI Governor

Reserve Bank of India (RBI) Governor Sanjay Malhotra on Saturday said India will become the world's third largest economy soon, and credited the Pradhan Mantri Jan Dhan Yojana for boosting the country's growth.

His remark came at a time when India's GDP grew 7.8 per cent in the April-June quarter of the current fiscal, the highest in five quarters before the imposition of heavy tariff on the country by the United States.

Addressing a government banks' financial inclusion campaign "Santripti Shivir" at Rangwasa village in Indore, Malhotra said the central government and the RBI had launched the Jan Dhan Yojana in collaboration with banks 11 years ago, leading to development across the nation.

"Today, India is counted among the five most developed countries in the world and very soon the country will become the third largest economy," he said.

The RBI governor said 55 crore accounts have been opened under the scheme to ensure participation of people from all sections in the country's growth journey, providing them with savings, pension, insurance, credit and other services.

State Bank of India (SBI) Chairman C S Setty was also present at the event.