India, Aug. 15 -- Prime Minister Narendra Modi, addressing the nation from the Red Fort on the 80th Independence Day on Saturday, said India had moved from being counted among the world's "Fragile Five" economies to becoming a major economy over the past 12 years.

"India has transformed from 'Fragile Five' to the world's fastest-growing major economy in the last 12 years," PM Modi said.

The Prime Minister said India's transformation had been driven by the efforts of its people.

The term "Fragile Five" was coined by global investment bank Morgan Stanley in 2013 for five emerging economies considered particularly vulnerable to external financial shocks. At that time, India was grouped with Brazil, Indonesia, South Africa and Turkey.

The...