India set to emerge as world’s third-largest economy: Union Minister Pralhad Joshi

Pralhad Joshi, Union Minister for Consumer Affairs, Food and Public Distribution, and New and Renewable Energy, expressed confidence that India’s rapid progress across sectors will propel it to become the world’s third-largest economy in the near future.

He was speaking after inaugurating the Global Alumni Meet at Poojya Doddappa Appa College of Engineering in Kalaburagi city on February 21. The college was founded by the Hyderabad Karnataka Education (HKE) Society in 1958.

Highlighting India’s growing stature in education, he noted that after the United States, the United Kingdom, and China, India is making significant strides in the academic sphere. In the QS World University Rankings 2026, a record 54 Indian institutions have been featured, marking a substantial rise in global representation. He expressed confidence that within the next five years, at least 100 Indian institutions are expected to figure in the QS World University Rankings, reflecting the transformative progress under way in higher education.

Emphasising on India’s expanding research ecosystem, Mr. Joshi stated that the country’s expenditure on Research and Development (R&D) stands at ₹1.27 lakh crore. The annual patent application filings have increased to 92,000, underscoring India’s growing prominence as a global hub for science, technology, and innovation. As per the Science and Engineering (S&E) Indicators 2022 published by the U.S. National Science Foundation, India ranks third globally in Science and Engineering PhDs, after the United States and China.

Referring to the hosting of an AI Impact Summit 2026 in India for the first time, Mr. Joshi called it a matter of pride and noted that the Union government is investing over ₹10,300 crore in AI innovation under the India AI Mission to strengthen computing infrastructure, data access, skilling, and governance frameworks. In addition, the Union Budget 2026-27 has allocated ₹40,000 crore for India Semiconductor Mission (ISM) 2.0 to boost indigenous semiconductor manufacturing. He observed that while manufacturing is slowing in some countries, it is growing in India.

Mr. Joshi stressed that educational institutions must focus on imparting quality skills beyond degrees and expressed confidence that the institution can achieve top rankings in the coming years.

Praising the institution’s decades of service in delivering quality education and shaping successful professionals, he urged alumni to give back through mentorship, guidance, and support to help strengthen the foundation for future generations.

Eshwar B. Khandre, Minister for Forest, Ecology and Environment, and Sharanabasappa Darshanapur, Minister for Small Scale Industries and Public Enterprises, both alumni of the institution, lauded the vision of Mahadevappa Rampure and others in establishing the HKE Society six decades ago to provide affordable, quality education. They fondly recalled their college days and thanked their teachers for shaping their career.

Surender Pal Singh Saluja, chairman of Premier Energies and alumnus, was the chief guest on the occasion.

HKE Society president Shashil G. Namoshi, former DGP Raghavendra Auradkar, and MLCs Sunil Vallyapure and Jagdev Guttedar were present.