Thiruvananthapuram: In a recent address at the 'Manorama News Conclave 2024' in Thiruvananthapuram, Defence Minister Rajnath Singh highlighted the remarkable progress of the Indian economy, noting its transformation from the 'Fragile Five' to the 'Fabulous Five' since 2014. Singh described India as one of the fastest-growing large economies in the world today.

“India's economic landscape has changed dramatically. Previously, we were considered one of the 'Fragile Five.' Now, globally, we are recognized as one of the 'Fabulous Five,'” Singh stated. He emphasized that these advancements have positioned India among the world's fastest-growing major economies.

Singh also discussed the government's efforts to enhance the ease of doing business in India. Significant improvements include reducing the time required to obtain environmental clearance from 600 days to less than 75 days. Additionally, over 40,000 regulatory compliances have been either removed or simplified, further streamlining business operations.

On technological advancements, Singh highlighted India’s progress in 5G technology. He noted that India has surpassed many European countries in 5G deployment, with the Vice President of telecom giant Ericsson acknowledging India's leadership in this area. Currently, India ranks as the second-highest country for 5G users, following China and the United States.

The minister also pointed out that India is now the fifth-largest economy globally and is projected to become the third-largest by 2027, according to Morgan Stanley. This leap from the 11th position a decade ago underscores India's rapid economic growth.

Furthermore, Singh revealed that India has become the world's second-largest mobile phone manufacturer, with production increasing fivefold over the past ten years. He also noted that around 200,000 Gram Panchayats across the country have been connected with optical fiber, enhancing digital connectivity.

Indian Economy, R Mobile Manufacturing, Global Rankings, India News, Economic Developmen