Colombo, Sep 9 (NVI) Defence Minister Rajnath Singh on Tuesday said India will always stand firmly with Sri Lanka whenever the island nation faces a crisis, asserting that the two countries share close cultural and civilisational ties.
Addressing the Indian diaspora in Colombo at the beginning of his maiden visit to Sri Lanka, Singh said these ties have provided a strong foundation for the growth of bilateral relations.
The defence minister highlighted India’s economic transformation over the past decade, saying the country has emerged as one of the fastest-growing major economies in the world and contributes more than 16 per cent to global growth.
He said India’s economy, which was around USD 2 trillion in 2014, has doubled to approximately USD 4 trillion over the last decade.
Despite global economic challenges, India’s economy grew by 7.8 per cent in the first quarter of the 2026-27 financial year, Singh said, adding that average inflation over the last 12 years stood at around 4.7 per cent, compared with 10-11 per cent during the earlier period.
Singh said India’s goods and services exports increased from Rs 45 lakh crore in 2014 to Rs 79 lakh crore in 2025-26.
He also highlighted the expansion of India’s electronics and mobile phone manufacturing sectors, saying electronic goods production rose from Rs 1.9 lakh crore to over Rs 11 lakh crore, while exports increased from around Rs 38,000 crore to more than Rs 3 lakh crore.
India has emerged as the world’s second-largest mobile phone manufacturer, with the number of manufacturing units rising from two in 2014 to more than 300 currently, he said.
Singh said mobile phone production increased from Rs 18,000 crore to Rs 5.5 lakh crore, while mobile exports rose nearly 163 times to Rs 2.6 lakh crore. Automobile exports also increased from around Rs 50,000 crore to Rs 1.20 lakh crore annually, he said.
The defence minister said India has concluded trade agreements with 38 countries over the last 12 years, including free trade agreements with eight major nations, compared with four such agreements before 2014.
Referring to the India-EU Free Trade Agreement as the “Mother of All Deals”, Singh said it would provide access to the vast European market and reflected India’s growing diplomatic and economic capabilities.
He credited Prime Minister Narendra Modi for India’s increased global stature and said the world today listens when India speaks on international issues.
Singh also lauded the Indian diaspora for acting as a bridge between the people of India and Sri Lanka.
On India’s defence sector, Singh said defence exports have risen from around Rs 600 crore 12 years ago to an all-time high of approximately Rs 39,000 crore.
He said the defence budget has also increased from around Rs 2 lakh crore in 2013-14 to Rs 7.25 lakh crore in 2025-26.
The growth reflected India’s expanding capabilities and its continuing journey towards a stronger and self-reliant defence sector, he said.
Singh also highlighted India’s start-up ecosystem, saying the country has the world’s third-largest start-up ecosystem and that the number of unicorns has grown rapidly since 2014.
He said the growth reflected the innovative spirit and entrepreneurial potential of India’s youth.
The minister also spoke about taxation reforms, including the introduction of GST that established the “One Nation, One Tax” regime, and said tax relief measures had helped reduce the burden on individual taxpayers.
On welfare measures, Singh said around 25 crore Indians have been lifted out of the cycle of poverty, while social security coverage has expanded significantly.
He said social security schemes covered around 25 crore citizens in 2014, while approximately 95 crore Indians are now covered by the social security net.
Singh also highlighted the expansion of digital public infrastructure, broadband connectivity and UPI, besides infrastructure development, including highways, airports and transport networks.
Indian Railways is progressing towards 100 per cent electrification, he said, while highlighting the role of the JAM network and Direct Benefit Transfer in ensuring that welfare benefits reach beneficiaries directly.
Around Rs 51 lakh crore has been transferred to people’s bank accounts through the DBT mechanism, Singh said.
Sri Lankan Cabinet Minister Saroja Savithri Paulraj, Western Province Governor Hanif Yusoof, Deputy Minister Sundaralingam Pradeep, Indian High Commissioner Santosh Jha and senior Indian civil and military officials, besides members of the Indian community, attended the event.—(NVI)
