On Friday, Defence Minister Rajnath Singh highlighted significant improvements in the Indian economy, noting its transformation from being one of the ‘Fragile Five’ to joining the ranks of the ‘Fabulous Five’ since 2014. Addressing the ‘Manorama News Conclave 2024’ in Thiruvananthapuram, Singh praised the Indian economy as one of the fastest-growing large economies globally.
He emphasized the strides made in enhancing the ease of doing business, mentioning that the government has drastically reduced the time needed for environmental clearance from 600 days to under 75 days. Additionally, Singh pointed out that over 40,000 regulatory compliances have been either eliminated or simplified to facilitate business operations.
Singh also discussed India’s advancements in 5G technology, referencing a commendation from Ericsson’s Vice President. The VP noted that India has surpassed many European countries in 5G deployment, with the country now boasting the highest number of 5G users after China and the U.S.
Furthermore, Singh highlighted India’s rise in global economic rankings, revealing that the country has moved from being the 11th largest economy to the 5th. According to Morgan Stanley, India is expected to become the third-largest economy by 2027. He also pointed out that India is now the world’s second-largest mobile phone manufacturer, with production increasing fivefold over the past decade. Additionally, around 200,000 Gram Panchayats have been connected with optical fiber, marking significant progress in infrastructure development.
