Prime Minister Modi, in his Independence Day speech, recalled India's past as part of the 'Fragile Five' economies and celebrated its rise as a global growth leader.
'Fragile Five' label was coined in 2013 by investment bank Morgan Stanley
Aug 15, 2026
12:32 pm
What's the storyPrime Minister Narendra Modi, during his 80th Independence Day address from the Red Fort, recalled how India was once part of the "Fragile Five" economies.
The term was coined by global investment bank Morgan Stanley in 2013 to describe five emerging-market economies that were particularly vulnerable to external financial shocks.
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