India on Track to Become World’s 3rd Largest Economy: RBI Governor Sanjay Malhotra

India’s economic growth momentum continues to attract global attention, with Reserve Bank of India (RBI) Governor Sanjay Malhotra affirming that the country is steadily moving towards becoming the third-largest economy in the world.

Speaking at “Santripti Shivir”, a financial inclusion campaign organised by government banks at Rangwasa village in Indore, Malhotra highlighted how the Pradhan Mantri Jan Dhan Yojana (PMJDY) has been instrumental in reshaping India’s financial landscape.

Jan Dhan Yojana’s Role in Growth

Launched 11 years ago in collaboration with the central government, RBI, and banks, the Jan Dhan Yojana has enabled greater access to banking and financial services for people across socio economic backgrounds.

• Over 55 crore bank accounts have been opened under the scheme.
• It provides access to savings, pensions, insurance, credit, and direct benefit transfers.
• The initiative has deepened financial inclusion, ensuring that citizens at the grassroots participate in India’s growth journey.

According to the RBI Governor, this structural shift has laid a strong foundation for India’s economic expansion.

Strong GDP Growth Amid Global Headwinds

India’s GDP grew 7.8% in the April June 2025 quarter, the fastest pace in five quarters, underscoring the resilience of the economy despite external challenges such as global trade frictions and tariff barriers.

Malhotra noted that initiatives like PMJDY, alongside government reforms and RBI policies, have contributed significantly to this sustained growth momentum.

Read More: Bank holidays in September 2025 full state wise list of closures as per RBI.

Conclusion

India’s economic trajectory continues to remain optimistic, with structural reforms, digital adoption, and financial inclusion paving the way for long-term growth.

As the RBI Governor emphasised, India’s journey towards becoming the world’s third-largest economy is being powered not just by headline GDP numbers but also by the active participation of millions of newly included citizens in the formal financial system.

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