Cochin: Defence Minister Rajnath Singh on Friday stated that the Indian economy has now improved to 'Fabulous Five' from the 'Fragile Five' before 2014. The minister also added that the Indian economy is one of the fastest-growing large economies now.

Speaking at the 'Manorama News Conclave 2024' in Thiruvananthapuram, the minister said, "India's economy has undergone unprecedented changes. Before 2014, India's economy was among the 'Fragile Five'. Today it is being recognised all over the world as one of the 'Fabulous Five'. The Indian economy has become one of the fastest-growing large economies today".

The minister also added that the government has taken various steps to improve the ease of doing business in the country, he added that because of the efforts by the government now the process to get environment clearance has reduced to less than 75 days from 600 days earlier.

"The ease of doing business in the country has improved manifold. To ensure, ease of doing business, more than 40,000 compliances have either been scrapped or simplified. Whereas earlier it used to take 600 days to get environmental clearance, it now takes less than 75 days" said Singh.

Highlighting the progress by the country on the 5G roll out the minister mentioned that the Vice President of telecom company Ericsson also hailed India's 5G efforts and stated that India has left behind many European countries.

Minister said "The VP of a renowned telecom company, Ericsson, has stated that India has left behind many European countries in the 5G rollout. Today, India has the highest number of 5G users after China and America"

Noting the improvement of the Indian economy in the global rankings the minister added that, now the country is the fifth largest economy and soon it will become the third largest economy in the world by 2027.

"In the last ten years, India has become the fifth largest economy from the 11th largest economy. Morgan Stanley estimates show that India will become the third-largest economy in the world by 2027" said the minister.

The minister also pointed out that India is now the second-largest manufacturer of mobile phones in the world. Mobile phone manufacturing in the country has increased 5 times during the last decade. He also shared that about 2 lakh Gram Panchayats in the country have been connected with optical fibre.

(With Inputs From Agencies)