Indian Defence Minister Rajnath Singh has pledged that India would stand firmly with Sri Lanka whenever the island nation faces a crisis, as he began his maiden visit to the country with an interaction with the Indian diaspora in Colombo on Tuesday.
Singh, who is on a three-day official visit to Sri Lanka, said the two countries shared close cultural and civilisational ties that provided a strong foundation for the continued development of bilateral relations.
Addressing the gathering, the Indian Defence Minister outlined the transformation of the Indian economy over the past decade, saying India had emerged as one of the fastest-growing major economies and now contributed more than 16% to global growth.
He said India’s economy, valued at around $ 2 trillion in 2014, had doubled to approximately $ 4 trillion over the past decade. Despite global economic challenges, the economy grew 7.8% in the first quarter of India’s 2026-27 financial year.
Singh also highlighted India’s improved macroeconomic stability, saying average inflation over the past 12 years had been around 4.7%, compared with 10-11% during the preceding period.
The value of India’s goods and services exports has increased from Rs. 45 trillion in 2014 to Rs. 79 trillion in FY2025-26, he said, pointing to the expansion of manufacturing and export capacity.
He highlighted the rapid growth of the electronics sector, with electronic goods production increasing from Rs. 1.9 trillion to more than Rs. 11 trillion. Electronics exports have risen by around 700%, from approximately Rs. 380 billion to more than Rs. 3 trillion, he said.
India has also become the world’s second-largest mobile phone manufacturer, with manufacturing units increasing from two in 2014 to more than 300 today. Mobile phone production has expanded from Rs. 180 billion to Rs. 5.5 trillion, while mobile exports have increased nearly 163-fold to Rs. 2.6 trillion, according to Singh.
Automobile exports have also risen from around Rs. 500 billion to Rs. 1.2 trillion annually.
Singh said India had concluded trade agreements with 38 countries over the past 12 years, including FTAs with eight major economies, compared with four such agreements before 2014.
Referring to the recently concluded India-European Union FTA as the ‘Mother of All Deals,’ he said the agreement would open access to the large European market and reflected India’s growing economic and diplomatic capabilities.
He credited Prime Minister Narendra Modi with strengthening India’s global standing, saying that the international community today listens when India speaks on global issues.
Singh also praised the Indian diaspora for serving as a bridge between the peoples of India and Sri Lanka.
On defence, the Raksha Mantri said India’s defence exports had increased from just Rs. 6 billion 12 years ago to an all-time high of around Rs.390 billion. The defence budget has meanwhile risen from approximately Rs. 2 trillion in FY2013-14 to Rs.7.25 trillion in FY2025-26.
He said the expansion reflected India’s growing capabilities and its efforts to build a stronger and more self-reliant, or Aatmanirbhar, defence sector.
India’s emergence as the world’s third-largest start-up ecosystem was another area highlighted by Singh, who said the rapid increase in unicorns since 2014 demonstrated the innovative capacity and entrepreneurial confidence of the country’s youth.
He also pointed to reforms in taxation, particularly the introduction of the Goods and Services Tax (GST), which established a ‘One Nation, One Tax’ regime, as well as measures aimed at reducing the tax burden on individual taxpayers.
Singh said India’s economic expansion had also translated into wider social welfare, with approximately 250 million people lifted out of poverty.
He highlighted the expansion of social security coverage, saying the number of people covered had increased from around 250 million in 2014 to approximately 950 million.
The Indian Defence Minister also cited the expansion of digital public infrastructure, including broadband connectivity and the Unified Payments Interface (UPI), as examples of technology-driven economic transformation.
He said India’s infrastructure had expanded rapidly, including highways, airports and other transport networks, while Indian Railways was progressing towards 100% electrification.
Singh also highlighted the role of the JAM (Jan Dhan-Aadhaar-Mobile) network and Direct Benefit Transfer mechanism in delivering welfare benefits directly to citizens. Around Rs.51 trillion has been transferred to people’s bank accounts through DBT, he said.