India To Become 10 Trillion Dollar Economy In Next 15 Years: Defence Minister Rajnath Singh

The Logical Indian Crew India

November 12th, 2019 / 6:42 PM

Image Credit: NDTV

Defence Minister Rajanth Singh on Monday, November 11, claimed that India will become a $10 trillion economies in the next 10 to 15 years.

Speaking at the inaugural session of Def Connect 2019 organised by the Ministry of Defence to display, Singh said, “Our Prime Minister Narendra Modi has set a target of USD 5 trillion economies by 2024. Looking at the talent India possesses, I am pretty confident that we can become a $10 trillion economy in the next 10-15 years.”

Defence minister’s statement comes at a time when India is witnessing an economic slowdown. In October, the World Bank revised India’s Growth rate to 6.1 per cent from 7 per cent. This is the second consecutive year India’s economic growth has decelerated.

Singh said he feels proud to see the Indian startups growing exponentially and stressed that passionate incubation is required for them to push them to the forefront.

Describing incubation of startups as the most critical challenge, he said, “The idea may be great, and the innovative mind can also find a solution. However, unless the process of careful and passionate incubation provides the ideal environment for nurturing and hand holding a creation, projects might fail.”

However, soft banks that aid Indian startups reported a 6.4 billion dollar loss in the second quarter of the current financial year. This rings alarm bells for Indian startups as they depend upon these startups for initial funding.

Singh later ensured that over the time of 10 years, India will emerge as a net innovator and net exporters of defence technologies rather than importing it from outside.

He also called for bridging gaps between the private sector and public sector by building cohesion between them as Defence Minister believes that research, development and manufacturing are collaborative processes. The defence minister assured the government’s full support in the indigenisation of the defence industry and nation-building.

However, the dream appears distant of going self-reliant in the defence sector as India’s spending on defence is about 1.6 per cent of the GDP. As much as 30 per cent of India’s total defence budget is spent on capital acquisitions, and 90 per cent of requirements are currently met through imports.

Over Rs 4 lakh crore worth of military purchases have been cleared in the past four years, and the government asserts that two-thirds of the total approvals are under the Make in India category. However, in the same period, only 128 contracts worth about Rs 1,19,000 crore have been signed with Indian vendors for capital procurement of defence equipment. Others international investors are yet to seal the deal with India.


Also Read: To Raise Funds For Prostate Cancer, UK Athlete Runs Marathon In All 196 Countries In World


Contributors

Written by : Prashasti Awasthi

Edited by : Shubhendu Deshmukh

Related Stories

State-Run Banks Disbursed Over ₹2.5 Trillion In Loans In October: Finance Ministry

$5 Trillion Economy To Population Control, Highlights Of PM Modi’s I-Day Speech

No Terror Attacks

Has India Not Seen Any Terrorist Attack After Modi Govt Came Into Power, As Defence Minister Claims?

Kalpana Saroj

My Story: I Have had An Unbelievable Journey, From A Dalit Child-Bride To An Owner Of A Multi-Million Dollar Company

Priyanka Chaturvedi

After Rajnath Singh’s Intervention, Man Arrested Over Rape Threat To Cong’s Priyanka Chaturvedi’s Daughter

World Debt Reaches All Time High Of $164 Trillion

Latest on The Logical Indian

News

Modi Govt May Cut School Education Budget By ₹3000 Crore Amid Cash Crunch, Likely To Affect Teachers’ Salaries

News

Citizenship Bill: Former IAS Officer Calls For Civil Disobedience Against Centre

Get Inspired

From Fighting Against Casteism To Ensuring Education For All, These 15-Yr-Old Girls Are Agents Of Change In Rajasthan

Fact Check

Fact Check: Delhi Minister Imran Hussain’s Statement On Cremation Adding To Air Pollution Made Viral Out Of Context

News

US Federal Commission Seeks Sanctions Against Amit Shah Over Citizenship Amendment Bill

News

‘Instead Of Building Gigantic Statues, India Should Build More Modern Schools, Universities’: Former RBI Governor Raghuram Rajan

x

Stories that deserve attention, delivered to your inbox!

Handpicked, newsworthy stories which deserve the attention of a rational generation.