New Delhi, Dec 17 : Defence Minister Rajnath Singh on Saturday commended the Indian Army for showing unmatched bravery during the Galwan and Tawang incidents. Addressing the 95th Annual Convention of Federation of Indian Commerce and Industry (FICCI) in New Delhi, Singh asserted that India has no intention to capture the land of other countries, but will always be ready if anyone tries to cast an evil eye. India aims to become a superpower which works for the welfare of the world, he said. He stated that India, under the leadership of Prime Minister Narendra Modi, is touching newer heights of success and has entered the category of 'fabulous five' from 'fragile five', coined by investment firm Morgan Stanley, in 2014. "India is now among the top five economies of the world. It took us 31 years from 1991 to become a three trillion USD economy. I am confident that the next three trillion dollars are going to be added in the next seven years," he said. India has now become an agenda setter on the world stage due to the Prime Minister's credibility and decision making, he said, adding that India's G-20 presidency is proof of India's growing stature. "The theme of G-20 is 'One Earth, One Family, One Future' through which an inclusive and decisive road map of development will be decided. Inspired by the spirit of Vasudhaiva Kutumbkam and world welfare, our Prime Minister has decided to share India's resolve for economic and human development with countries that have not yet recovered from COVID-19," he said. Singh highlighted the procedural and structural reforms made by the Government which has prepared ground for a big leap towards a strong, prosperous & a self-reliant 'New India'. He made special mention of the creation of a digital financial infrastructure, Pradhan Mantri Jan Dhan Yojana, Direct Benefit Transfer & Pradhan Mantri Mudra Yojana, which have proved to be a boon for the people, especially the poor. Singh listed out a number of reforms undertaken by the Ministry of Defence to strengthen the Indian defence sector, including simplifying FDI norms and increasing the limit to 74 per cent under automatic route and 100 per cent under government route. He added that 68 per cent of the capital procurement budget has been earmarked for domestic industry in 2022-23 to promote the participation of the private sector. "All efforts are being made to increase defence production from $US 12 billion to $US 22 billion by 2025. It is a golden period for the defence sector as it has demonstrated its capabilities by manufacturing fighter aircraft, aircraft carriers, main battle tanks and attack helicopters. Indian defence industry is growing by leaps and bounds and is making its global presence felt. It is attracting not only big corporates, but also start-ups and MSMEs", said the Defence Minister. - /IANS