India Growing at 7.2% Despite Global Economic Slowdown: Rajnath Singh

Dushanbe: India is recording strong economic growth despite a slowdown affecting several major economies, with a growth rate of 7.2% and foreign exchange reserves exceeding $700 billion, Defence Minister Rajnath Singh said during an interaction with the media in Dushanbe, Tajikistan.

Singh said India’s economic progress amid global challenges was a significant achievement, driven by the determination, hard work and growing self-confidence of its people. He recalled that a few years ago, there was widespread pessimism about India’s economic potential, with many questioning its ability to achieve major milestones.

The minister attributed the country’s progress to reforms implemented across sectors and a stronger belief among Indians in their ability to achieve ambitious goals.

Highlighting improvements in economic stability, Singh said India’s current account deficit, which stood at more than 4% of gross domestic product 12–13 years ago, had declined to 0.61%. He said the country’s foreign exchange reserves crossing the $700-billion mark reflected its economic strength.

Singh also pointed to reforms that have strengthened India’s banking system and improvements in the country’s sovereign credit ratings as signs of growing international recognition of its economic performance.

He said India’s economic resilience was the result of collective efforts, sustained hard work and increasing confidence among its people.