India on track to become third-largest economy despite global crisis: Rajnath Singh

Panaji: Defence Minister Rajnath Singh on Wednesday said India is among the world's top five economies and would have become the third largest soon had the "recent global crisis" not occurred, but it would certainly reach that milestone too.

He was addressing a gathering after inaugurating the Martyrs' Memorial at Patradevi village in North Goa district. Chief Minister Pramod Sawant, Union Minister Shripad Naik and Rajya Sabha MP Sadanand Shet Tanavade were also present on the occasion.

India is one of the top five economies of the world, Singh said, adding, "Had there been no recent global crisis, today we would have been the third largest economy."


The Union minister was apparently referring to the US-Iran war.

India would have been among the top three economies within six months or a year if this crisis had not intervened, Singh said, while expressing confidence that "it will certainly happen".

The country is strengthening its indigenous capabilities in defence production ranging from fighter aircraft, warships, missiles, radars and drones to advanced defence systems, he said.

"Things which we used to buy from other countries are now being made on Indian soil by Indians," he added.

The Defence Minister noted that India's defence exports, which were at around Rs 600 crore earlier, increased to approximately Rs 50,000 crore after the BJP-led government came to power in 2014.

The defence production rose to Rs 1.80 lakh crore from a few thousand crore rupees earlier, he added.

"India is no longer only an importer of weapons. It is also becoming an important exporter in global defence manufacturing," Singh noted.

Referring to the increasing participation of women in the defence and development sectors, Singh said Indian women, who once stood in the last rows of satyagrahis fighting for independence, now "sit in the cockpits of fighter aircraft and guard the country's skies."

"This is not merely a story of change; it is the story of the strength of New India," he said.

Women were now playing leadership roles in the armed forces, becoming part of space missions and launching start-ups which are giving a new direction to the country's economy, Singh said, adding that this is what India's freedom fighters, including those who fought for the liberation of Goa, had dreamed about.

The freedom fighters secured independence for the country, but preserving it was the responsibility of citizens, the Union minister said.

"Freedom does not only mean that we can freely express ourselves. It also means that along with our freedom, we understand our responsibility," he said.

Singh particularly urged the country's youth to understand their responsibilities as citizens, saying the responsibility for the nation's future would rest on their shoulders.

He called upon citizens to strengthen the country's unity, protect constitutional values, obey the law and keep national interest above their personal interests.

The Martyrs' Memorial has been built at Patradevi, a site associated with the Goa liberation movement, to commemorate those who made sacrifices in the struggle for Goa's liberation from Portuguese rule.