India’s Remarkable Transformation: From “Fragile 5” to “Top 5” in a Decade

New Delhi: In a recent address at the Global Business Summit organized by the Times Group, Union Minister Dr. Jitendra Singh highlighted India’s extraordinary economic journey over the last decade, describing it as a case study in optimism and progress.

Under the leadership of Prime Minister Narendra Modi, India has transitioned from a period of cynicism and scams to become the fifth-largest economy globally. Dr. Jitendra Singh emphasized that the past ten years have witnessed a substantial rise in various global parameters and benchmarks, marking a shift from pessimism to optimism.

One of the key achievements highlighted by the minister was India’s impressive performance in the Global Innovation Index. From ranking 81 in 2014, the country has soared to the 40th position, showcasing a significant leap in innovation and technology.

Dr. Jitendra Singh also shed light on India’s burgeoning startup ecosystem, noting that the country now boasts the third-largest startup ecosystem globally. Since the introduction of the “StartUp India, Stand Up India” initiative in 2016, the number of startups has skyrocketed from just over 350 to over 130,000, with more than 110 unicorns.

The minister attributed this growth to the enabling environment created under PM Modi’s leadership, emphasizing the importance of initiatives like space reforms. With the opening up of the space sector, India has witnessed a surge in private space startups, with an investment of over Rs. 1,000 crore in the current financial year.

Highlighting the strides in the biotechnology sector, Dr. Jitendra Singh identified it as the driver of India’s future economic growth. The bioeconomy, valued at nearly $140 billion today, has seen a remarkable increase from $10 billion a decade ago. The minister emphasized the role of bioresources, citing the Himalayan region’s herbs and the Deep Ocean Mission tapping into India’s vast sea bed wealth.

Discussing the “Anusandhan National Research Foundation” (NRF), Dr. Jitendra Singh stated that it would pave the way for a greater Public Private Partnership (PPP) model in scientific research. He highlighted the NRF’s budget of Rs. 50,000 crore over five years, envisioning substantial contributions from non-government sources.

Dr. Jitendra Singh reiterated that the age of silos is over, emphasizing the NRF’s integration between the public and private sectors in alignment with the National Education Policy (NEP) – 2020.

The minister expressed confidence that this is the best time for innovators, researchers, and startups, thanks to the supportive ecosystem created by PM Modi. He credited the government for scrapping obsolete rules and deregulating the economy, attracting foreign direct investment (FDI), and spurring growth.

In conclusion, Dr. Jitendra Singh highlighted India’s global leadership in tackling climate change and efforts towards green energy and zero emissions. He emphasized the role of the youth in shaping PM Modi’s vision for a developed India by 2047, stating that the world now looks to India to lead the way in innovation, research, and sustainable development.