What is the Fragile Five, a term that PM Modi used to highlight India's growth in the last 12 years in his I-Day speech?

In his Independence Day speech, Prime Minister Narendra Modi highlighted India's significant economic growth over the past 12 years, emphasizing that the nation had moved from being part of the "Fragile Five" to becoming the world's fastest-growing major economy. The term "Fragile Five" was coined by global investment bank Morgan Stanley in 2013 to describe five emerging economies considered particularly vulnerable to external financial pressures.

Originally comprising India, Brazil, Indonesia, South Africa, and Turkey, the group was identified due to factors such as high inflation, a widening current account deficit, a weakening local currency, and heavy reliance on foreign capital. However, India exited the list in 2014 after the International Monetary Fund (IMF) revised its growth forecast for the country.

Modi and the Bharatiya Janata Party (BJP) have often used the "Fragile Five" label to contrast India's economic position during the UPA era with its subsequent growth since 2014. In his speech, Modi urged Indians to dream big and strive for "Viksit Bharat" 2047, underscoring the nation's potential for development and self-reliance amidst ongoing geopolitical tensions.