According to Defence Minister Rajnath Singh, the bravery and gallantry displayed by the armed forces in the Galwan Valley and Tawang is commendable, and no amount of praise for them is sufficient.
New Delhi : Defence minister Rajnath Singh today praised the Indian Army for its extraordinary bravery during the Galwan and Tawang incidents. He stated in his address to the 95th Annual Convention of the Federation of Indian Commerce and Industry (FICCI) in New Delhi that India has no intention of capturing other nations' land but will always be prepared in the event that anyone attempts to cast a negative eye. He stated that India's goal is to become a superpower that works for the benefit of the world.
According to defence minister, India, led by prime minister Narendra Modi, has moved up into the "fabulous five" category from the "fragile five," which was coined in 2014 by investment firm Morgan Stanley. India's economy now ranks among the top five in the world. We had to work our way up to a $3 trillion economy for 31 years starting in 1991. He stated, "I am confident that the additional three trillion dollars will be added within the next seven years."
The minister went on to say that the Prime Minister's credibility and decision-making have made India a world leader in setting the agenda. He said, India's G-20 presidency is evidence of India's developing height." One Earth, One Family, One Future is the G-20's theme, and it will be used to decide on a development plan that is inclusive and decisive. Our prime minister has made the decision “to share India's resolve for economic and human development with countries that have not yet recovered from COVID-19, inspired by the spirit of Vasudhaiva Kutumbkam and world welfare,” he stated.
Rajnath Singh emphasized the Government's procedural and structural reforms, which have laid the groundwork for a significant leap toward a strong, prosperous, and self-reliant ‘New India’. He specifically referred to the development of a digital financial infrastructure, the Pradhan Mantri Jan Dhan Yojana, Direct Benefit Transfer, and Pradhan Mantri Mudra Yojana, all of which have proven to be beneficial to the general public and the poor in particular.
The defence minister outlined a number of reforms that the ministry of defence had implemented to strengthen the Indian defense sector. These reforms included making the rules for FDI simpler and raising the limit to 74% for the automatic route and 100% for the government route. To encourage private sector participation, he added that 68% of the capital procurement budget has been allocated to domestic industry in 2022 and 2023. He advised foreign OEMs and captains of domestic industry to invest in the defense industry and become a part of the global supply chain.
Union minister stated that the reforms have resulted in the desired outcomes, as evidenced by the sevenfold increase in defense exports over the past six years. He stated that everything is being done to raise defense production from $12 billion to $22 billion by 2025. The manufacturing of fighter aircraft, aircraft carriers, Main Battle Tanks, and attack helicopters has demonstrated the sector's capabilities, making this a golden age for the defense industry. Indian guard industry is developing huge amounts at a time and is making its worldwide presence felt. It is attracting MSMEs and start-ups in addition to large corporations. In recent years, numerous start-ups have emerged. The nation had only 400-500 new businesses in 2014. The number has reached 80,000 as of today. The defense industry has a lot of room for expansion. He stated, "It is going to be the first sector of the Indian economy."
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