Dushanbe, Oct 20 India is growing at approximately 7.8 per cent, even as several major economies face a slowdown, Defence Minister Rajnath Singh said on Tuesday, adding that the country contributes more than 16 per cent to global economic growth.
The minister, who is in Tajikistan on a two-day official visit to attend a meeting of the Shanghai Cooperation Organisation (SCO), made these remarks while addressing the Indian diaspora.
The minister said India contributes more than 16 per cent to global economic growth and is growing at approximately 7.8 per cent, even as several major economies face a slowdown due to the conflict in West Asia.
India has entered into free trade agreements with 38 countries, opening new markets for Indian manufacturers and producers, he said.
The India-UK and India-EU trade agreements, which are expected to eliminate tariffs on 99 per cent of Indian exports, would strengthen the country’s trade prospects and global economic partnerships, Singh said.
India, guided by the philosophy of ‘Vasudhaiva Kutumbakam’, aspires to become a nation that combines prosperity, knowledge and strength with a commitment to global peace and the well-being of humanity, he said.
“India’s economic transformation, reform-driven governance, technological advancement and growing global stature under Prime Minister Narendra Modi’s leadership are paving the way towards the realisation of this vision,” he said.
“India has moved from an era of ‘policy paralysis’ to a ‘reform express’ driven by a clear policy direction. For us, reforms are not a compulsion; they are a conviction,” he said.
Singh said that defence exports have reached a record Rs 38,424 crore, with defence production surging to Rs 1.80 lakh crore.
“The number of start-ups has grown from a few hundred before 2014 to more than 2.5 lakh, and nearly half of these start-ups originate from smaller cities and towns,” he said.
Singh said that India’s renewable energy capacity has increased from approximately 75 GW in 2014 to nearly 300 GW.
He said that India is advancing rapidly towards semiconductor manufacturing through the Semicon India programme and the India Semiconductor Mission.
Singh said the country has emerged as a global hub for real-time digital transactions. He said that the value of UPI transactions has risen from Rs 7,000 crore in 2016-17 to Rs 314 lakh crore in 2025-26.
The minister said that affordable mobile data and wider connectivity have enabled more Indians to access opportunities.
He highlighted the impact of inclusive development, stating that approximately 25 crore people have been lifted out of poverty over the past decade.
He also appreciated the efforts being made towards forging closer cultural and people-to-people ties and noted that India and Tajikistan remain connected through a strong bond of friendship cemented by popularity of Indian songs, music, literature and cinema among Tajik people.
He said that India and Tajikistan share longstanding cordial relations in which the contribution of the Indian diaspora remains a strong element that connects the two countries.
The event included cultural performances by Indian and Tajik artists.
(PTI News)
