India has emerged as the world's fastest growing major economy, even as many nations face economic uncertainty, said Defence Minister Rajnath Singh on Tuesday. Speaking at an event in New Delhi, Singh highlighted the country's robust economic performance amid global challenges.
Economic Resilience Amid Global Headwinds
The minister noted that India's growth trajectory remains strong despite geopolitical tensions and supply chain disruptions affecting the global economy. He attributed this resilience to the government's proactive economic policies and structural reforms implemented over the past few years.
Key Drivers of Growth
Singh pointed to several factors contributing to India's economic success, including increased infrastructure spending, a thriving startup ecosystem, and a strong manufacturing base. He also emphasized the role of digitalization and financial inclusion in boosting economic activity.
- Infrastructure development: Record investments in roads, railways, and ports
- Startup boom: India now has over 100 unicorns
- Manufacturing push: Production-linked incentive schemes attracting global investments
The defence minister further stated that India's growth story is inclusive, with benefits reaching all sections of society. He cited government schemes like PM-KISAN and Ayushman Bharat as examples of welfare measures supporting the poor and vulnerable.
Global Recognition
International organizations such as the International Monetary Fund and World Bank have consistently projected India as the fastest growing major economy. The IMF's World Economic Outlook earlier this year projected India's GDP growth at 6.8% for 2024-25, higher than other major economies like China and the US.
Singh also touched upon India's improving ease of doing business ranking and increased foreign direct investment inflows. He expressed confidence that India would continue to drive global growth in the coming years.
