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Rajnath Singh said that India today is the world’s fastest growing large economy, contributing more than 16 percent to global economic growth. He said that India has achieved this position on the strength of its consistently strong economy.

The economy doubled in 10-12 years

The defense minister said it took almost 60 years for India’s economy to reach $1 trillion after independence. In 2014, the country’s economy was approximately $2 trillion. Subsequently, its size has almost doubled in the last 10-12 years. He added that while many countries around the world are facing economic development challenges, India’s GDP growth rate remains around 7.8 percent.

Rajnath Singh’s statement on inflation

Rajnath Singh also mentioned inflation. He said the average inflation rate during the last 12 years of Prime Minister Narendra Modi-led government has been around 4.7 percent. According to him, inflation had reached 10 to 11 percent during the previous Congress government. He said that India’s global share in investment and exports is continuously increasing. Indian exports were valued at ₹ 45 lakh crore in 2014, which is expected to increase to ₹ 79 lakh crore by 2025-26.

Trade agreements with 38 countries in 12 years

The defense minister said the free trade agreement between India and the European Union is being called the “mother of all deals”. The agreement opens the door to a huge EU market worth around $27 trillion. He said poverty in rural areas has come down from 18.4 percent to 2.8 percent by 2022-23. Poverty in urban areas has also come down from 10.7 percent to 1.1 percent. Additionally, India has undergone a digital revolution in the last ten to twelve years. Today, you will find a smartphone in every hand, which offers a variety of services. In 2014, the country had 60 million broadband connections, which has now reached 1 billion.