Indian Economy has transformed in less than a decade: Defence Minister
Defence Minister Rajnath Singh on Friday declared a significant milestone for India’s economy, stating that it has evolved from being part of the ‘Fragile Five’ to the ‘Fabulous Five’ in less than a decade. Singh made this announcement at the ‘Manorama News Conclave 2024’ in Thiruvananthapuram, emphasizing India’s position as one of the fastest-growing large economies.
Highlighting the government’s efforts to enhance the ease of doing business, Singh noted that the process for obtaining environmental clearances has been drastically reduced, from 600 days to under 75 days. Furthermore, more than 40,000 regulatory compliances have been simplified or removed to foster a better business environment in the country.
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In regards to technological advancements, the minister pointed out India’s impressive progress in the 5G sector. Acknowledging India’s leadership in 5G user base, he cited praise from Ericsson’s Vice President who remarked that India has outpaced many European countries in this domain.
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Discussing India’s rising global economic standings, Singh highlighted that the country is now the fifth-largest economy globally and is on track to become the third-largest by 2027, according to Morgan Stanley predictions. He also noted India’s position as the second-largest mobile phone manufacturer with a significant increase in production over the past decade. Additionally, approximately 2 lakh Gram Panchayats have been connected with optical fiber, further underscoring the nation’s infrastructural progress.
