https://sputnikglobe.com/20220916/indias-economy-to-leave-japan-behind-in-10-years-defense-minister-says-amid-slowdown-in-west-1100847379.html
India's Economy to Leave Japan Behind in 10 Years, Defense Minister Says Amid Slowdown in West
India's Economy to Leave Japan Behind in 10 Years, Defense Minister Says Amid Slowdown in West
Sputnik International
India recently surpassed the United Kingdom to become the fifth-largest economy in the world. Meanwhile, Prime Minister Narendra Modi has set a target to... 16.09.2022, Sputnik International
2022-09-16T12:35+0000
2022-09-16T12:35+0000
2023-05-28T15:21+0000
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The Indian economy will surpass that of Japan in a decade, Indian Defense Minister Rajnath Singh said on Friday, thanks to reforms undertaken and the ability to control inflation, which have made the Indian economy attractive for foreign investors.In 2021, foreign investors pumped a total of $83 billion into the country's economy.Singh urged global firms, including defense giants, to set up their manufacturing units in India, an economy of approximately $3 trillion, expressing confidence in achieving the target of $25 billion in defense production by 2025, which includes exports of around $5 billion.Speaking about rising pressure on Western economies due to surging consumer and energy prices, Singh said that people in the US and Europe have not experienced this kind of inflation pressure in decades.Speaking at the SCO Summit in Samarkand, Prime Minister Narendra Modi said the Indian economy is expected to grow at a rate of 7.5 percent this year, one of the fastest growing among the world's largest economies. According to the International Monetary Fund (IMF), India surpassed the UK in the last quarter of 2021 and is currently ranked fifth, surpassed by the United States, China, Japan, and Germany.
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india, indian defense ministry, rajnath singh, narendra modi, economy, gdp, fuel price, japan, united kingdom (uk)
india, indian defense ministry, rajnath singh, narendra modi, economy, gdp, fuel price, japan, united kingdom (uk)
India's Economy to Leave Japan Behind in 10 Years, Defense Minister Says Amid Slowdown in West
12:35 GMT 16.09.2022 (Updated: 15:21 GMT 28.05.2023) India recently surpassed the United Kingdom to become the fifth-largest economy in the world. Meanwhile, Prime Minister Narendra Modi has set a target to transform India into a developed nation by 2047 with social and economic reforms.
The Indian economy will surpass that of Japan in a decade, Indian Defense Minister Rajnath Singh said on Friday, thanks to reforms undertaken and the ability to control inflation, which have made the Indian economy attractive for foreign investors.
In 2021, foreign investors pumped a total of $83 billion into the country's economy.
Singh urged global firms, including defense giants, to set up their manufacturing units in India, an economy of approximately $3 trillion, expressing confidence in achieving the target of $25 billion in defense production by 2025, which includes exports of around $5 billion.
"Today, the world has realized that manufacturing hub should not be in any one country. In the changed circumstances, big multinationals are exploring new options to decentralize its manufacturing. India not only fulfills that quest but also gives hope that this manufacturing shift has the potential to provide a new lift to the entire global economy," Singh said.
Speaking about rising pressure on Western economies due to
surging consumer and energy prices, Singh said that people in the US and Europe have not experienced this kind of inflation pressure in decades.
According to Singh, the dynamism and efficiency of the Indian economy made it possible to achieve a 13.5 percent growth rate even as the global economy was slowing down.
Speaking at the SCO Summit in Samarkand, Prime Minister Narendra Modi said the Indian economy is expected to grow at a rate of 7.5 percent this year, one of the
fastest growing among the world's largest economies. According to the International Monetary Fund (IMF), India surpassed the UK in the last quarter of 2021 and is currently ranked fifth, surpassed by the United States, China, Japan, and Germany.
