Dr. Jitendra Singh Hails India’s Transition from “Fragile 5” to “Top 5” Economy
GG News Bureau
New Delhi, 10th Feb. Union Minister Dr. Jitendra Singh on Saturday hailed India’s remarkable journey over the past decade, describing it as a captivating case study for economics enthusiasts worldwide.
Speaking at the Global Business Summit ‘The Big Shift – Measuring the Forces of Change’ organized by the Times Group in New Delhi, Dr. Singh underscored the transformative leadership of Prime Minister Narendra Modi that propelled India from a state of cynicism to optimism.
Dr. Jitendra Singh highlighted India’s ascent as the fifth-largest economy globally, marking a significant turnaround from its earlier classification among the “Fragile 5.” He emphasized India’s impressive rise in various global indices, including the Global Innovation Index, where the nation jumped 41 places to secure the 40th position.
The minister celebrated India’s thriving startup ecosystem, crediting PM Modi’s visionary ‘StartUp India, Stand Up India’ initiative for fostering an environment conducive to entrepreneurship. From a mere 350 startups in 2014, India now boasts over 1,30,000 startups and more than 110 unicorns, reflecting a monumental growth trajectory.
Dr. Singh also lauded the monumental reforms in the space sector under PM Modi’s stewardship, which facilitated unprecedented participation from private players and witnessed significant investments. The unveiling of India’s ambitious space missions, including Chandrayaan-3 and Aditya, showcased the nation’s prowess in space exploration.
Identifying biotechnology as a key driver of India’s future economic growth, Dr. Jitendra Singh highlighted the exponential expansion of the bioeconomy, which surged from $10 billion to nearly $140 billion in a decade. He outlined the vast potential of India’s bioresources, emphasizing initiatives like the Aroma Mission and the Deep Ocean Mission aimed at harnessing the nation’s natural wealth.
Dr. Singh underscored the significance of the Anusandhan National Research Foundation (NRF) in fostering greater public-private partnership in scientific research. With a budget allocation of Rs. 50,000 crore over five years, the NRF aims to galvanize innovation and scientific advancement in alignment with the National Education Policy (NEP) – 2020.
Dr. Jitendra Singh commended PM Modi’s visionary leadership, which liberated India from obsolete regulations and positioned the nation as a global leader in climate change mitigation and green energy initiatives.
As the world looks towards India to lead, Dr. Singh expressed confidence in the youth of today as the architects of PM Modi’s vision of a developed India by 2047.
