Union Home and Cooperation Minister Amit Shah on Friday declared that India is destined to become the third largest economy in the world during the third term of Prime Minister Narendra Modi.

Political stability, corruption-free set-up, investment-friendly agenda and peaceful environment will give an impetus to investments, thereby helping the country become the third largest economy in the next few years, he said, addressing the valedictory session of the three-day Vibrant Gujarat Global Summit (VGGS) here.

Shah said India was considered a fragile economy just 10 years back. It used to be considered a dark spot but things have changed drastically over the past decade and the country has now become an attractive destination for investments, he added.

The home minister said a new beginning has been made in structural reforms under the leadership of PM Modi. ”We are transforming the economy of India…there is a new confidence in our entrepreneurs as we embark on our journey during the ‘Amrit Kaal’ to make India a developed nation by 2047,” he added. He said he was, in fact, confident that India would achieve the goal of becoming a developed nation much before 2047.

Shah noted that the VGGS initiative was also conceptualised by Modi in 2003 when he was the chief minister of Gujarat. He said the critics were not convinced about the success of the VGGS initiative at that time. However, everybody was now acknowledging that Gujarat has become the ”gateway of future” in India because of the ”huge success” of the VGGS initiative. He noted that the VGGS initiative is now being replicated by other states too.

Shah appealed to the captains of industry to invest in the education sector in India and lay the foundation stone of making the country a global education hub again.

He agreed with Jammu and Kashmir Lt Governor Manoj Sinha, who also was present at the concluding session, that investments in Jammu and Kashmir will strengthen the unity and integrity of India.

Gujarat Chief Minister Bhupendra Patel told the gathering that Gujarat is the first state in the country which has made its own roadmap for making India a developed nation.

Animal Husbandry and Dairying Minister Parshottam Rupala said Gujarat has become one of the most attractive investment destinations in the world. The credit for it must go to Modi for launching the VGGS initiative in 2003, he added.