Defence Minister Rajnath Singh on Friday said that the Indian economy has improved to a 'fragile five' status from the 'fragile five' before 2014. The minister also said that the Indian economy is now one of the fastest growing large economies.
Speaking at the 'Manorama News Conclave 2024' in Thiruvananthapuram, the Minister said, “India's economy has undergone unprecedented changes. Before 2014, India's economy was one of the 'fragile five'. Today it is being recognised as one of the 'fantastic five' across the world. The Indian economy today has become one of the fastest growing large economies.”
The minister also said that the government has taken several steps to make doing business easier in the country. He said that due to the efforts of the government, the process of obtaining environmental clearance has now come down from 600 days to less than 75 days.
Singh said, “The ease of doing business in the country has increased manifold. More than 40,000 compliances have been either eliminated or simplified to ensure ease of doing business. While earlier it used to take 600 days to get environmental clearance, now it takes less than 75 days.”
Highlighting the country's progress in 5G implementation, the minister said that the vice president of telecom company Ericsson also praised India's 5G efforts and said that India has left behind many European countries.
“The vice president of Ericsson, a renowned telecom company, has said that India has surpassed many European countries in 5G rollout. Today, India has the highest number of 5G users after China and the US,” the minister said.
Referring to the improvement in the Indian economy in the global rankings, the Minister said that the country is now the fifth largest economy and will soon become the third largest economy of the world by 2027.
The minister said, “In the last ten years, India has grown from the 11th largest economy to the fifth largest economy. Morgan Stanley estimates show that India will become the third largest economy in the world by 2027.”
The Minister also informed that India is now the second largest manufacturer of mobile phones in the world. The manufacturing of mobile phones in the country has increased 5 times in the last decade. He also informed that about 2 lakh Gram Panchayats in the country have been connected with optical fibre.
