“India recorded rapid rise across various global parameters”: Union Minister Jitendra Singh

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New Delhi: Union Minister Jitendra Singh on Saturday hailed India’s extraordinary journey from being part of the “Fragile 5” to becoming a global economic powerhouse under the visionary leadership of Prime Minister Narendra Modi.

Addressing the Global Business Summit ‘The Big Shift – Measuring the Forces of Change,’ Singh highlighted India’s remarkable economic transformation over the past decade, describing it as a compelling case study that would captivate and inspire students of economics worldwide.

He attributed this significant shift to Prime Minister Modi’s leadership, which propelled India from a “state of cynicism and scams to a beacon of optimism and progress.” Dr Jitendra Singh said, “In the last ten years under PM Narendra Modi’s leadership, India recorded a rapid rise across various global parameters and universal benchmarks”.

India now stands as the fifth-largest economy globally and boasts the third-largest startup ecosystem. Notably, India’s rank in the Global Innovation Index has soared, jumping 41 places in ten years to reach the 40th position, according to a press release by the Ministry of Science and Technology.

Dr Jitendra Singh lauded PM Modi’s transformative initiatives, such as “StartUp India, Stand Up India,” which spurred the exponential growth of startups in the country. “From just over 350 StartUps in the year 2014, India grew over 300 times. After PM Modi gave the clarion call ‘StartUp India, Stand Up India’ from the ramparts of the Red Fort in his Independence Day address and rolled out the special StartUp scheme in 2016, today we have over 1,30,000 StartUps, besides more than 110 Unicorns,” he said.

He emphasized that PM Modi’s emphasis on creating an enabling environment for innovation and entrepreneurship has been instrumental in this success. Highlighting the strides made in the space sector, Dr Jitendra Singh underscored the government’s space reforms, which have democratized India’s space programs and fostered private sector participation, read the press release.

“Space reforms undertaken by PM Modi lifted the veil of secrecy that shrouded India’s Space programmes. With the opening up of the Space sector, the common masses have been able to witness the launch of the mega Space events like Chandrayaan-3 and Aditya,” he said.

He noted the significant increase in the number of private space startups, with investments exceeding Rs 1,000 crore in the current fiscal year. Identifying biotechnology as a key driver of India’s future economic growth, Singh highlighted the country’s burgeoning bioeconomy, which has grown from USD 10 billion to nearly USD 140 billion in a decade.

He emphasized the vast potential of India’s bioresources, citing initiatives such as the Himalayan Aroma Mission and the Deep Ocean Mission. “We have huge bioresources in India, – In the Himalayas, herbs, Aroma Mission is creating new opportunities while the Deep Ocean Mission has been launched to tap India’s huge sea bed wealth along the more than 7,500 kms coastline,” said Singh.

Singh also unveiled plans for the “Anusandhan National Research Foundation,” a landmark initiative aimed at fostering public-private partnerships in scientific research. Envisioning a funding of Rs 50,000 crore over five years, with a significant portion coming from non-government sources, the National Retail Federation (NRF) seeks to revolutionize India’s scientific research ecosystem, read the press release.

Singh asserted that India, under PM Modi’s leadership, stands at the forefront of global efforts to tackle climate change, promote green energy, and foster innovation. He urged the youth to embrace PM Modi’s vision of a “Viksit Bharat” by 2047, underscoring India’s pivotal role as a global leader in the years to come.

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