In an address at the PM Vishwakarma program in Jammu on Sunday, September 17, Union Minister of Science Jitendra Singh highlighted India’s economic ascent and stated, “We are now in the 5th position in the global economy, and our surpassing of Englishstan (UK) is being celebrated.”
Singh’s statement reflects a significant shift in the world economy. Just ten years ago, India was ranked 11th, while the UK held the position of the fifth-largest economy. This demonstrates the substantial growth India has experienced, particularly in the period from April to June. According to the IMF, as of September 3, 2022, India’s total monetary value was $854.7 billion, surpassing the UK’s $816 billion.
However, some challenges need to be considered. According to a PTI report dated September 3, 2022, India’s manufacturing sector is not growing as rapidly as it should, and we are importing more than we are exporting. Factors such as unpredictable rainfall and the regulation of prices for everyday goods require careful attention from India’s central bank. Additionally, the escalating prices of energy and essential materials are making it increasingly difficult for individuals and businesses to allocate funds.
Despite these obstacles, India’s growth story remains dynamic, as the country has made substantial progress and outperformed major economies across various sectors. One notable area highlighted by Singh is space exploration. He added to his address, stating, “Our Moon Mission commenced when others were still planning lunar landings; it is our Chandrayaan mission that discovered water on the moon.” This feat was achieved around 2009, when a component of India’s lunar mission, the Moon Impact Probe (MIP), impacted the lunar surface near the Shackleton crater. This event led to the discovery of ice water near the Lunar South Pole, and the point was subsequently named ‘Jawahar’ by the UPA government.
Singh also mentioned in his statement that, “The imagery provided by Chandrayaan-3, particularly from the Shiv Shakti point, is of utmost importance to NASA, and they have a significant need for it.”
Singh’s speech also highlighted the government’s commitment to helping young people succeed. During his address in Jammu on September 16, he suggested that Kashmiri youths should shift their focus from traditional government jobs (Sarkari Naukri) and instead, encourage a Start-Up revolution. The minister emphasised that today’s Indian youth have numerous opportunities and are not confined by limited aspirations, especially with the thriving Start-Up industry.
(With inputs from PTI)
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