Under Congress, India was grouped with Brazil, Indonesia, South Africa and Turkey :::: 12 years changed a lot - India surpassed Japan to become world's fourth-largest economy and now only behind the US, China and Germany

 "The world had dumped India's economy in the 'Fragile Five'. People's efforts have resulted in taking India to a major economy in the last 12 years," PM Narendra Modi said in his I-Day speech taking a swipe at the Congress-led UPA era. 

Last year, India surpassed Japan to become the world's fourth-largest economy. 

It is now only behind the US, China and Germany.  

The 'Fragile Five' term was coined by global investment bank Morgan Stanley in 2013 to describe the five emerging economies considered particularly vulnerable to external financial shocks. 

India was grouped along with 

Brazil, Indonesia, South Africa and Turkey.

PM Modi and the BJP have frequently invoked this controversial label to contrast India's economic situation during the UPA era with its subsequent growth since 2014.  

India was included in the 'Fragile Five' grouping at a time when its economy was saddled with a combination of 

high inflation, a widening current account deficit, a falling rupee and heavy dependence on foreign capital.  

In 2014, India moved out of the 'Fragile Five' grouping as its external balances improved and foreign exchange reserves (think of it as India's emergency dollar savings account) strengthened.

The IMF even declared that among the emerging economies, India stood out for bringing about the sharpest macroeconomic turnaround.