Defence Minister Rajnath Singh addressed the Indian diaspora in Dushanbe, Tajikistan on October 20, 2026, highlighting India's economic transformation under Prime Minister Narendra Modi's leadership. He stated that India contributes more than 16% to global economic growth and is growing at approximately 7.8% despite a global slowdown. The current account deficit has declined from over 4% of GDP 12-13 years ago to 0.61% in the previous financial year, while foreign exchange reserves have crossed US$700 billion and the banking system is in its strongest-ever position.
On trade, Singh noted that India has entered into Free Trade Agreements with 38 countries, with the India-UK and India-EU agreements expected to eliminate tariffs on 99% of Indian exports to these markets. Defence exports reached a record Rs 38,424 crore with defence production surging to Rs 1.80 lakh crore. The number of start-ups has grown from a few hundred before 2014 to more than 2.5 lakh, with nearly half originating from smaller cities and towns and more than 45% having at least one woman director or partner.
Inclusive development efforts have lifted approximately 25 crore people out of poverty over the past decade, facilitated by the JAM Trinity and Direct Benefit Transfer systems. Renewable energy capacity has increased from approximately 75 GW in 2014 to nearly 300 GW. India is advancing rapidly toward semiconductor manufacturing through the Semicon India programme and India Semiconductor Mission.
Digital transformation has been significant, with UPI transaction value rising from Rs 7,000 crore in 2016-17 to Rs 314 lakh crore in 2025-26. Infrastructure expansion includes railways, roads, airports, ports, and broadband connectivity. Achievements in science and space technology include Chandrayaan, Aditya-L1, and preparations for the Gaganyaan human spaceflight mission.