Rajnath Singh Highlights Indias Economic Growth and Trade Agreements in Dushanbe

Dushanbe, October 20 (Daily Kiran) : India’s Defense Minister Rajnath Singh recently emphasized the nation’s remarkable economic progress during a speech in Dushanbe, Tajikistan. He noted that India is now among the fastest-growing major economies in the world, achieving a growth rate of approximately 7.2 percent, even as many countries face economic downturns.

Singh announced that India has signed free trade agreements with around 38 countries, marking a significant milestone in the nation’s trade history. These agreements have opened up markets for Indian-made products, enhancing trade opportunities. He highlighted that over the past decade, India has lifted 250 million people out of poverty, a figure that surpasses the total population of many countries. This achievement has garnered praise from international organizations, including the International Monetary Fund.

The minister pointed out that India contributes over 16 percent to global economic growth. He discussed the country’s rapid advancement, noting that the current account deficit, which once exceeded 4 percent of GDP, has been reduced to approximately 0.61 percent. Additionally, India’s foreign exchange reserves now exceed $700 billion, and the banking system remains robust.

Singh also acknowledged the surge in new enterprises in India. Since 2014, the number of startups has skyrocketed from a few hundred to over 250,000. Notably, more than 45 percent of these new ventures have at least one female director or partner, indicating broader access to innovation opportunities.

He mentioned the significant strides made in renewable energy, with India’s capacity increasing from around 75 gigawatts in 2014 to nearly 300 gigawatts today. Singh highlighted India’s position as a global leader in digital payments, noting that in August alone, there were a record 23.66 billion transactions through the Unified Payments Interface (UPI), totaling ₹29.88 trillion.

Furthermore, he stated that India is advancing rapidly in semiconductor manufacturing. Through the Semiconductor Mission, efforts are underway to strengthen the semiconductor ecosystem. Singh expressed pride that indigenous semiconductor chips will soon be utilized in electronics, alongside the successful missions of Chandrayaan and Aditya-L1, with preparations for the Gaganyaan mission underway.