New Delhi, Aug. 1 -- In just over a decade, India has rapidly transformed from being one of the Fragile 5 to the fastest-growing major economy in the world, and is poised to become the third-largest in the coming years, said Commerce Minister Piyush Goyal in his address to the Parliament.

"We have risen from the 11th largest economy to one of the top 5 economies, driven by our reforms, hard work of our farmers, MSMEs, and entrepreneurs," he said, adding that it is also widely expected that we will become the third largest economy in a few years.

Today, international institutions and economists see India as the bright spot in the global economy. India is contributing to almost 16 per cent of global growth, said Goyal. He further stated t...