India is a resurgent power regaining its place on the global economic map under Prime Minister Mr. Narendra Modi’s leadership: Defence Minister

At an event in New Delhi on June 2, 2023, Defence Minister Mr. Rajnath Singh said, "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 Mr. Narendra Modi."

In order to ensure that India regains its former magnificent status, the Defence Minister claimed that the Government is working on these fronts. He said that every effort is being made to develop a powerful, young, and technologically aware armed force on the strength of a thriving defence sector that produces cutting-edge weapons and equipment domestically, while simultaneously making attempts to eradicate the colonial mentality.

Mr. Rajnath Singh cited a Morgan Stanley report, claiming that after classifying India as one of the "Fragile 5" economies in 2013, the investment company recently predicted that India would have the third-largest gross domestic product (GDP) by 2027. He saw it as evidence of the Indian economy's recent expansion. In his opinion, India is an "emerging power" in the short term but a "resurgent power" in the long run that is reclaiming its position on the global economic map.

The government has implemented a number of measures to help the nation's economy flourish, according to Mr. Rajnath Singh. Direct tax reforms, the goods and services tax (GST), and measures to enhance ease of business are some of these. He further commented on the revolutionary developments that have occurred in the defence industry over the past few years, saying that various measures have been taken to attain total "Aatmanirbharta" in the production of weapons and technologies. The significant choices include the creation of Defence Industrial Corridors in Tamil Nadu and Uttar Pradesh as well as the notification of four positive indigenization lists totalling 411 items on behalf of the Armed Forces and four other lists totalling 4,666 items for Defence Public Sector Undertakings (DPSUs).

Moreover, he also highlighted the record of over US$ 12 billion (Rs. 1 trillion) in defence production and an all-time high defence exports of over US$ 1.93 billion (Rs. 16,000 crore) in FY23. Further, Mr. Rajnath Singh noted the vision for India@2047.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.