Archive · 15 Aug 2026
PM Modi Recalls India's 'Fragile Five' Past on Independence Day
Many years ago, in 2013, money experts at a big bank called Morgan Stanley worried about five countries whose economies could get into money trouble easily.
They called these countries the 'Fragile Five.'
India was one of them, along with Brazil, Indonesia, South Africa and Turkey.
India was on the list because it had problems like high prices, a weak currency and too much borrowing of money from other countries.
On India's Independence Day, Prime Minister Narendra Modi gave a big speech from the Red Fort.
He reminded everyone that India used to be called fragile.
He said that because of the hard work of 140 crore Indians, India is now a big, strong economy.
He also said India is the world's fastest-growing major economy.
And he said India wants to become a fully developed country by the year 2047.
Prime Minister Narendra Modi invoked the 'Fragile Five' label in his Independence Day address from the Red Fort to highlight India's economic transformation over the past 12 years.
Morgan Stanley analysts coined 'Fragile Five' in 2013 for emerging economies vulnerable to external financial shocks: Brazil, India, Indonesia, South Africa and Turkey.
India was included due to a large current-account deficit, high inflation, a weakening rupee and significant dependence on foreign capital inflows.
Modi said the efforts of 140 crore Indians made India a major economy and the world's fastest-growing major economy, with a goal of developed-nation status by 2047.
India exited the grouping in 2014 after the IMF raised its growth forecast, and reports note Modi and the BJP have used the label to contrast with the UPA era.
- Who
- Prime Minister Narendra Modi, delivering his 13th consecutive Independence Day address.
- What
- Recalled India's past inclusion in the 'Fragile Five' group and credited Indians' efforts for India's rise to a major economy and the world's fastest-growing major economy.
- When
- Saturday, on India's 80th Independence Day.
- Where
- The Red Fort, from whose ramparts the Prime Minister spoke.
- Why
- To contrast India's former economic vulnerabilities with its current standing and outline his vision for 'Viksit Bharat' (developed India) by 2047.
- Speaker
- Prime Minister Narendra Modi
- Occasion
- 80th Independence Day address, his 13th consecutive
- Location
- Red Fort
- Term referenced
- 'Fragile Five'
- Term coined by
- Morgan Stanley analysts, 2013
- 'Fragile Five' countries
- Brazil, India, Indonesia, South Africa, Turkey
- India's past vulnerabilities
- Large current-account deficit, high inflation, weakening rupee, dependence on foreign capital inflows
- India's exit
- 2014, after the IMF raised India's growth forecast
- Goal
- 'Viksit Bharat' — developed nation by 2047
