India’s economic progress
India Rising Towards Third Largest Economy: India is on course to emerge as the third biggest economy in the world, according to RBI Governor Sanjay Malhotra. His remarks highlight the strength of India’s ongoing economic momentum, built upon large-scale reforms and sustained growth. The achievement reflects both resilience and inclusivity in national development.
Inclusive growth through Jan Dhan Yojana
The Pradhan Mantri Jan Dhan Yojana (PMJDY) has been at the heart of India’s financial inclusion efforts since its launch in 2014. The initiative has resulted in the opening of more than 55 crore accounts, offering citizens access to savings, loans, pensions, and insurance. By extending banking facilities to rural and disadvantaged groups, the scheme has enhanced participation in the formal economy.
Static GK fact: PMJDY was inaugurated on 28 August 2014 as part of the National Mission on Financial Inclusion.
Boost from strong GDP numbers
India’s economy recorded a 7.8% expansion in the first quarter of FY 2025–26, the highest growth in over a year. Despite global headwinds, this performance underscores India’s resilience in handling trade and financial pressures. The RBI Governor noted that such consistent growth is set to position India among the top three global economies.
Static GK fact: By Purchasing Power Parity (PPP), India is already ranked as the world’s third largest economy.
Nationwide inclusion drive
Sanjay Malhotra made the announcement during Santripti Shivir, a financial outreach program running from July to September 2025. The campaign is designed to expand the reach of banking by:
- Creating new Jan Dhan accounts
- Linking citizens with social welfare schemes
- Ensuring timely KYC completion
Government representatives and banks have been urged to actively drive the campaign to reach underserved areas.
Challenges and safeguards
While praising the success of financial inclusion, the Governor flagged concerns about mule accounts, which are often misused for unlawful money transfers. To mitigate such risks, citizens were asked to complete their KYC verification and remain vigilant against fraudulent practices.
Static GK fact: The Reserve Bank of India began operations in 1935 and was nationalized in 1949.
Digital transformation push
Malhotra also stressed the need to improve digital financial literacy. He encouraged wider use of UPI and digital platforms to ensure fast, secure, and transparent transactions. This digital expansion is viewed as a cornerstone of India’s financial modernization, complementing the inclusion agenda.
Static GK Tip: The Unified Payments Interface (UPI) was introduced in 2016 by the National Payments Corporation of India (NPCI).
Static Usthadian Current Affairs Table
India Rising Towards Third Largest Economy:
| Topic | Detail |
| India’s economic position | Projected to become the third largest economy |
| Current GDP growth | 7.8% in April–June FY 2025–26 |
| RBI Governor | Sanjay Malhotra |
| Jan Dhan accounts opened | 55 crore+ |
| Jan Dhan Yojana launch | 28 August 2014 |
| Financial inclusion campaign | Santripti Shivir (July 1–Sept 30, 2025) |
| Risks flagged | Mule accounts misuse |
| Digital push | UPI adoption and digital literacy |
| RBI establishment | 1935, nationalized in 1949 |
| India’s PPP ranking | Already 3rd globally |
