Recent reforms helped Indian economy exit 'Fragile 5' to become Fabulous 5': Rajnath

Defence minister Rajnath Singh on Saturday said that the Indian economy has now exited the ‘Fragile 5’ category to join the league of the “Fabulous 5” and over the past eight-and-a-half years with a size of USD 3.5 trillion the country has become the fifth largest global economy.

Participating at industry body FICCI’s annual general meeting here, he said: “In nine years, the Indian economy has now come out of the Fragile 5 category to become Fabulous 5.” This bullish growth outlook for the Indian economy, Singh, said he believes is due to “procedural and structural” reforms introduced by the government led by Prime Minister Narendra Modi.

The term Fragile 5 was coined by a Morgan Stanley analyst in 2013 and refers to a set of five emerging countries, including India, whose economy was not doing well. The other four countries are Brazil, Indonesia, South Africa, and Turkey.