Minister of State for Finance Pankaj Chaudhary said the IMF ranking was based on nominal GDP measured at prevailing US dollar exchange rates and could change depending on factors including economic growth, currency movements, prices, revisions to national accounts and the performance of other major economies.
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“The IMF’s rankings are based on nominal GDP measured at prevailing US Dollar exchange rates. Consequently, the relative ranking of economies can change due to a combination of factors, including economic growth, movements in exchange rates and prices, revisions to national accounts and changes in the size and growth of other major economies,” Chaudhary said in a written reply to the Rajya Sabha.
The government has adopted a broad-based strategy to raise India’s growth potential, focusing on agricultural productivity, manufacturing, infrastructure, logistics, MSMEs, innovation and research, he said.
Manufacturing is being promoted through initiatives such as the Production-Linked Incentive schemes and relaxation of Quality Control Orders, while infrastructure and logistics are being strengthened through public investment, PM Gati Shakti and the National Logistics Policy, Chaudhary said.
The government is also seeking to boost investment through sustained public capital expenditure, a liberalised foreign direct investment policy and tax reforms, including changes to direct taxes and the Goods and Services Tax. Improvements in the ease of doing business are also part of the strategy, he said.On external competitiveness, the government is expanding India’s network of free trade agreements and comprehensive economic partnership and cooperation agreements, while seeking to maintain macroeconomic stability through fiscal management and price stability.
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Foreign portfolio investor activity has also remained substantial. Data from the National Securities Depository Limited showed that gross sales by FPIs stood at Rs 29.8 lakh crore between January and August 2026, up to August 5, Chaudhary said.
Public sector bank bad loans fall
Separately, the minister said gross non-performing assets of public sector banks had fallen to Rs 2,45,634 crore as of March 31, 2026, from Rs 3,39,541 crore two years earlier.
The GNPA ratio of public sector banks declined to 1.93% as of March 31, 2026, from 3.47% as of March 31, 2024, according to data cited by the government.
The number of fraud cases reported by public sector banks also fell sharply, from 54,850 in 2023-24 to 5,786 in 2025-26.
Banks initiate action against borrowers involved in fraud and wilful defaults in accordance with applicable Reserve Bank of India guidelines and their board-approved policies, Chaudhary said.
Over the past three financial years, staff accountability has been fixed in 5,147 cases, while first information reports were filed in 9,451 cases against borrowers responsible for frauds, based on inputs received from public sector banks.
Rs 86,917 crore in unclaimed deposits
In another reply, Chaudhary said the total amount of unclaimed deposits held with the Depositor Education and Awareness (DEA) Fund stood at Rs 86,917.08 crore as of June 30, 2026, according to information provided by the RBI.
The RBI does not maintain information on the total amount lying in inoperative bank accounts, he said.
The central bank reimburses banks from the DEA Fund for amounts they pay to claimants against eligible unclaimed deposits. As of June 30, 2026, the total amount reimbursed from the fund to banks stood at ₹17,414.68 crore, according to the RBI.