India's economy doubled in 10-12 years, GDP at 7.8%: Rajnath Singh
Synopsis
In Colombo, Defence Minister Rajnath Singh lauded India's economic progress, noting it doubled in size over 10-12 years with a current GDP growth of 7.8%. He highlighted India's status as the world's fastest-growing major economy.
Rajnath Singh on India's Economic Prowess
Defence Minister Rajnath Singh on Tuesday highlighted India's economic growth, saying the country's economy has doubled in size over the last 10 to 12 years and its GDP growth currently stands at approximately 7.8 per cent. Addressing a community reception organised for him in Colombo during his three-day visit to Sri Lanka, Rajnath Singh said, "As far as India's economy is concerned, no one can deny the fact that it is steadily strengthening. Today, India is the fastest-growing economy in the world and a major contributor to global growth, accounting for more than 16 per cent of that growth--a stature India has achieved today."
"After independence, it took 60 years for India's economy to reach the USD 1 trillion mark. However, in 2014, the size of our economy was approximately USD 2 trillion. Over the last 10 to 12 years, you have seen our economy double in size," he said.
Singh said India's economic growth was significant at a time when countries across the world were facing challenges regarding economic growth. "At a time when the entire world is facing challenges regarding economic growth, India's GDP growth stands at approximately 7.8 per cent. Previously, people had to grapple with recurring price cycles; in contrast, during the 12 years our government has been in power under Prime Minister Modi's leadership, the average inflation rate has remained at 4.7 per cent," he said.
"Under the preceding Congress government, inflation had even touched levels of 10 per cent to 11 per cent," the Defence Minister added.
Strengthening India-Sri Lanka Ties
The Defence Minister’s visit comes as India and Sri Lanka seek to further strengthen their traditionally close bilateral relationship, with defence and maritime cooperation forming a key focus of the three-day visit from September 8 to 10. Singh arrived in Colombo on Tuesday and is scheduled to hold discussions with the Sri Lankan leadership during the visit.
Official Data Backs Growth Claims
According to data released by the Ministry of Statistics and Programme Implementation (MOSPI), India's real GDP grew 7.8 per cent in Q1 FY27, covering the April-June period. Real GDP was estimated at Rs 81.36 lakh crore in Q1 FY27, compared with Rs 75.46 lakh crore in the same quarter of FY26.
The latest growth figure was also higher than the 7 per cent Q1 FY27 growth estimate earlier projected by the Reserve Bank of India (RBI). The RBI had also revised its real GDP growth forecast for the full financial year FY27 to 6.7 per cent from 6.6 per cent.
Nominal GDP, measured at current prices, was estimated at Rs 88.27 lakh crore in Q1 FY27, compared with Rs 80.00 lakh crore in Q1 FY26, registering a growth of 10.3 per cent. (ANI)