Defence Minister Rajnath Singh said on Friday that the Indian economy has progressed from the ‘Fragile Five’ in 2014 to the ‘Fabulous Five’ in 2024. Speaking at the ‘Manorama News Conclave 2024’ in Thiruvananthapuram, Singh emphasized that India is now recognized globally as one of the fastest-growing large economies.
“India’s economy has undergone unprecedented changes. Before 2014, India’s economy was among the ‘Fragile Five’. Today, it is recognized all over the world as one of the ‘Fabulous Five’,” Singh said.
The Defence Minister highlighted the government’s efforts to improve the ease of doing business in the country, mentioning that the process for obtaining environmental clearance has been significantly streamlined. “To ensure ease of doing business, more than 40,000 compliances have either been scrapped or simplified. Whereas earlier it used to take 600 days to get environmental clearance, it now takes less than 75 days,” Singh added.
Singh also discussed the progress India has made in the 5G rollout, referencing praise from the Vice President of telecom company Ericsson. He pointed out that India has surpassed many European countries in 5G deployment and now has the highest number of 5G users after China and the United States.
“The Vice President of a renowned telecom company, Ericsson, has mentioned that India has left behind many European countries in the 5G rollout. Today, India has the highest number of 5G users after China and America,” Singh said.
Regarding the country’s economic growth, Singh highlighted that India has risen from the 11th largest economy to the fifth largest in the last decade. He cited Morgan Stanley’s projections, which indicate that India is on track to become the third-largest economy in the world by 2027.
Singh also underscored India’s achievements in manufacturing, saying that the country is now the second-largest manufacturer of mobile phones globally. Mobile phone production has increased fivefold over the past decade, and approximately 200,000 Gram Panchayats across India have been connected with optical fiber.