Defence Minister Rajnath Singh recently spoke at the ‘Manorama News Conclave 2024’ in Thiruvananthapuram, where he highlighted the significant improvements in the Indian economy over the past few years. Singh stated that the Indian economy has transitioned from being part of the ‘Fragile Five’ before 2014 to now being recognized as one of the ‘Fabulous Five’. He emphasized that India is now one of the fastest-growing large economies globally.
Moreover, Singh mentioned that the government has implemented various measures to enhance the ease of doing business in the country. He noted that more than 40,000 compliances have been either scrapped or simplified to facilitate business operations. Additionally, Singh highlighted that the process to obtain environmental clearance has been significantly reduced from 600 days to less than 75 days. These efforts have resulted in a considerable improvement in the business environment in India.
The Defence Minister also discussed India’s progress in the rollout of 5G technology. He mentioned that a Vice President of Ericsson, a leading telecom company, praised India’s efforts in 5G deployment and noted that India has surpassed many European countries in this regard. Singh pointed out that India currently has the highest number of 5G users after China and America, showcasing the country’s advancements in the telecommunications sector.
Furthermore, Singh highlighted India’s economic achievements in global rankings. He mentioned that India has now become the fifth largest economy in the world, moving up from the 11th position over the past decade. Citing Morgan Stanley estimates, the Minister projected that India is poised to become the third-largest economy by 2027. This demonstrates the significant growth and potential of the Indian economy on the global stage.
In addition to economic developments, Singh also shed light on India’s manufacturing capabilities. He noted that India has become the second-largest manufacturer of mobile phones globally, with mobile phone production increasing fivefold in the last decade. The Minister also mentioned that around 2 lakh Gram Panchayats in India have been connected with optical fiber, showcasing the government’s efforts to enhance digital infrastructure across the country.
In conclusion, Defence Minister Rajnath Singh’s remarks at the ‘Manorama News Conclave 2024’ underscored the positive transformation of India’s economy and its growing stature on the global stage. The government’s initiatives to improve the ease of doing business, advancements in 5G technology, and expansion in manufacturing capabilities highlight the country’s progress and potential for further economic growth. India’s rise in global rankings and projections to become the third-largest economy by 2027 reflect the promising trajectory of the Indian economy in the years to come.
