India is a resurgent power regaining its place on global economic map : Rajnath

Rajnath to leave for Malaysia tomorrow (File Photo)
Rajnath to leave for Malaysia tomorrow (File Photo)

New Delhi: "India is not an emerging but a resurgent power which is regaining its place on the global economic map under the leadership of Prime Minister  Narendra Modi," said Defence Minister Rajnath Singh at an event in New Delhi on June 02, 2023. 

He began his address by stating that until the 17th century, India had a remarkably strong economy, constituting over a quarter of the world's GDP, but it lost its glory due to a weak military and political slavery.

The Defence Minister asserted that the Government is working on both these fronts to ensure that India regains its old glorious status. He stated that no stone is being left unturned to create a strong, young & tech-savvy Armed Forces on the back of robust defence industry which indigenously manufactures state-of-the-art weapons/equipment, while efforts are also being made to get rid of the colonial mind-set.

"A strong military not only secures the borders, but also protects the culture & economy of a country. The goal is to build a strong, self-reliant and prosperous nation, which caters to its own needs as well as the requirements of friendly countries. This is an era of renaissance. It is time to re-establish India as a global superpower," Singh said.

Citing a report by Morgan Stanley, the Defence Minister said that after naming India among the 'Fragile 5' economies in 2013, the investment firm recently stated that the country will be the third largest economy by 2027. He termed it as a testament to the growth of the Indian economy in recent years. He was of the view that the phrase 'emerging power' can be used for India in the immediate perspective, but for the long term, he views it as a resurgent power, which is regaining its place on the world economic map.

Rajnath Singh listed out a number of reforms undertaken by the Government to facilitate the economic growth of the country. These include direct tax reforms, GST and steps to enhance ease of doing business. There has been a revolutionary transformation in all sectors and foreign investors today see India as an attractive destination, he said.

On the transformative changes brought about in the defence sector in the last few years, the Defence Minister stated that a number of steps have been taken to achieve complete 'Aatmanirbharta' in manufacturing of weapons and technologies. The major decisions include notification of four positive indigenisation lists of 411 items on behalf of the Armed Forces & four other lists of 4,666 items for DPSUs, besides setting up of Defence Industrial Corridors in Uttar Pradesh & Tamil Nadu.

Shedding light on the positive results achieved due to the Government's efforts,  Rajnath Singh stated that a record over Rs one lakh crore defence production and all-time high defence exports of almost Rs 16,000 crore in Financial Year 202f2-23 are proof of the massive growth of the defence sector. He added that the start-up friendly ecosystem created by the Government has led to the creation of over 100 unicorns in the country, with the defence R&D and manufacturing sector witnessing a significant increase in the number of start-ups.

The Defence Minister also shared his insights on the Prime Minister's vision for India to be a developed nation by 2047, which he voiced during his 2022 Independence Day address from the ramparts of Red Fort. The Government is focusing on all sectors, including health, education, road transport, railways and border development to realise the Prime Minister's vision, he said.

(Defence Watch– India's Defence Business News aggregator that places the spotlight on Defence Manufacturing, Defence Technology, Strategy and Military affairs is on Twitter. Follow us here and stay updated.)

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