Highlighting India’s growth trajectory, Defence Minister Rajnath Singh has said that India contributes more than 16% to global economic growth and is growing at approximately 7.8%, even as several major economies face a slowdown due to the conflict in West Asia. The minister, who is in Tajikistan on a two-day official visit to attend a meeting of the Shanghai Cooperation Organisation (SCO), made these remarks while addressing the Indian diaspora.
Referring to the changing global trade landscape, the minister said India has entered into free trade agreements with 38 countries, opening new markets for Indian manufacturers and producers. He said the India-UK and India-EU trade agreements, which are expected to eliminate tariffs on 99% of Indian exports, would strengthen the country’s trade prospects and global economic partnerships. Guided by the philosophy of Vasudhaiva Kutumbakam, India aspires to become a nation that combines prosperity, knowledge & strength with a commitment to global peace and the well-being of humanity. He emphasised that India’s economic transformation, reform-driven governance, technological advancement and growing global stature under Prime Minister Narendra Modi’s leadership are paving the way towards the realisation of this vision.
On the transformation in governance and policymaking over the last decade, Singh stated that ‘India has moved from an era of ‘policy paralysis’ to a ‘reform express’ driven by a clear policy direction. For us, reforms are not a compulsion; they are a conviction.’ He noted that the current account deficit, which exceeded 4% of GDP 12-13 years ago, declined to 0.61% in the previous financial year. India’s foreign exchange reserves have crossed $700 billion, while the banking system is in its strongest-ever position.
Highlighting India’s progress in defence manufacturing, he said that defence exports have reached a record Rs 38,424 crore, with defence production surging to Rs 1.80 lakh crore. He underlined that the number of start-ups has grown from a few hundred before 2014 to more than 2.5 lakh, and nearly half of these start-ups originate from smaller cities and towns, while more than 45% have at least one woman director or partner. He said that affordable mobile data and wider connectivity have enabled more Indians to access opportunities, encouraging innovation, nurturing new talent and generating fresh solutions. He also highlighted the impact of inclusive development, stating that approximately 25 crore people have been lifted out of poverty over the past decade.
