Defence Minister Rajnath Singh on Tuesday reaffirmed India’s unwavering support for Sri Lanka, saying New Delhi would “always stand firmly” with the island nation whenever it faces a crisis.
Singh made the remarks while interacting with the Indian diaspora in Colombo at the beginning of his maiden visit to Sri Lanka. He underlined the close cultural and civilisational ties between the two countries, describing them as a strong foundation for further strengthening bilateral relations.
India among fastest-growing major economies
Highlighting India’s economic transformation over the past decade, Singh said the country is among the fastest-growing major economies and contributes more than 16 per cent to global growth.
He said India’s economy, valued at around USD 2 trillion in 2014, has doubled to approximately USD 4 trillion over the last decade. Despite global economic challenges, India’s economy grew by 7.8 per cent in the first quarter of FY 2026-27, he said.
Singh also pointed to improved macroeconomic stability, noting that average inflation over the past 12 years has been around 4.7 per cent, compared with 10-11 per cent during the earlier period.
India’s goods and services exports have also increased from Rs 45 lakh crore in 2014 to Rs 79 lakh crore in FY 2025-26, he said.
Electronics and manufacturing witness sharp growth
The Defence Minister highlighted the rapid expansion of India’s electronics and mobile phone manufacturing sector.
Electronic goods production has increased from Rs 1.9 lakh crore to more than Rs 11 lakh crore, while electronics exports have risen around 700 per cent, from approximately Rs 38,000 crore to more than Rs 3 lakh crore.
He said India has emerged as the world’s second-largest mobile phone manufacturer, with the number of manufacturing units increasing from two in 2014 to more than 300 today.
Mobile phone production has grown from Rs 18,000 crore to Rs 5.5 lakh crore, while mobile exports have increased nearly 163 times to Rs 2.6 lakh crore. Automobile exports have also risen from around Rs 50,000 crore to Rs 1.20 lakh crore annually.
Singh said India has concluded trade agreements with 38 countries over the last 12 years, including FTAs with eight major nations, compared with four before 2014. Referring to the India-European Union FTA as the “Mother of All Deals”, he said it would provide access to the vast EU market and reflect India’s growing economic and diplomatic capabilities.
Defence exports reach record high
Singh also highlighted India’s transformation into a major defence manufacturing and exporting nation.
He said defence exports, which stood at around Rs 600 crore 12 years ago, have reached an all-time high of approximately Rs 39,000 crore. India’s defence budget has increased from around Rs 2 lakh crore in FY 2013-14 to Rs 7.25 lakh crore in FY 2025-26.
Singh said the growth reflects India’s expanding defence capabilities and its continuing push towards a stronger and self-reliant, or Aatmanirbhar, defence sector.
India’s global stature, startups and digital infrastructure
Crediting Prime Minister Narendra Modi for India’s growing global stature, Singh said the world today listens when India speaks on the international stage.
He also praised the Indian diaspora for serving as a bridge between the people of India and Sri Lanka.
Singh said India now has the world’s third-largest start-up ecosystem, describing the rapid growth in unicorns as a reflection of the innovation and entrepreneurial spirit of the country’s youth.
He also highlighted economic and governance reforms, including the Goods and Services Tax (GST), which established the “One Nation, One Tax” regime, as well as tax relief measures aimed at reducing the burden on individual taxpayers.
Poverty reduction and social security expansion
The Defence Minister said economic growth has been accompanied by significant improvements in social welfare.
He stated that around 25 crore Indians have been lifted out of poverty, while poverty levels have declined sharply in both rural and urban areas.
Social security coverage has also expanded significantly, from around 25 crore beneficiaries in 2014 to approximately 95 crore people today, he said.
Singh highlighted India’s digital public infrastructure, including the expansion of broadband connectivity and the rapid adoption of the Unified Payments Interface (UPI).
He also pointed to the expansion of highways, airports and transport networks, and said Indian Railways is progressing towards 100 per cent electrification.
The JAM network and Direct Benefit Transfer mechanism, he said, have helped ensure that welfare benefits reach citizens directly. According to Singh, Rs 51 lakh crore has been transferred into people’s bank accounts through DBT.
The event was attended by Sri Lankan Cabinet Minister Saroja Savithri Paulraj, Western Province Governor Hanif Yusoof, Deputy Minister Sundaralingam Pradeep, India’s High Commissioner to Sri Lanka Santosh Jha, senior Indian civil and military officials and members of the Indian community.
