New Delhi: In what appeared to be a response to US President Donald Trump's jibe that India is a 'dead economy', Union Commerce Minister Piyush Goyal on Thursday highlighted that the Indian economy will soon become the third largest in the world in terms of GDP size and is currently the world's fastest growing major economy.

Goyal said that in a span of few years India has gone from being the world's 11th largest to the 5th largest. "In less than a decade, India came out of 'Fragile Five' economies, and it has now become the fastest-growing economy of the world.

“On the basis of the hard work of reforms, farmers, MSMEs and industrialists, we have come in the top 5 economies of the world from the 11th largest economy. It is expected that we would be the third largest economy in a few years.

Today, global institutions and economists see India as a bright spot in the global economy,” he said.