Ten years of the NDA government from 2014 to 2024 will see India grow from a nearly $2-trillion economy to $3.7 trillion—an absolute growth of 95% at 7% CAGR in dollar terms despite Covid-19. Per capita income is $2,600. In rupee terms, nominal GDP has grown from ₹113 lakh crore in FY14 to an estimated ₹302 lakh crore in FY24—an absolute growth of 167% at 10.3% CAGR, again despite the global recessionary effects of the pandemic. This is an outstanding achievement; this period has recorded the best growth in India’s economic history. The nation is now officially a Top 5 economy on track to become a Top 3 economy by the end of 2026.
Highlights of the decade include transformative banking sector reforms, leading to low NPAs and clean balance sheets, far-reaching reforms in taxation, especially GST and I-T; the development of infrastructure on a scale never seen before in the country with significant investments in railways, airports, ports, and roads; an increased investment of $1 trillion in gross capital formation annually which amounts to over 31% of GDP, a step function elevation in India’s global standing; services sector exports reaching $400 billion by 2024 with surpluses of $220 billion; foreign exchange reserves of $600 billion; the start-up sector growing to $550 billion of value with 109 unicorns; and universal digital and financial inclusion with the development of the IndiaStack.
THE STAGE IS SET FOR INDIA TO ACCELERATE ITS GROWTH. OVER THE NEXT FIVE YEARS (FROM 2024 TO 2029), INDIA'S GDP IS ESTIMATED TO REACH $5.6 TRILLION
Esta historia es de la edición February 18, 2024 de Business Today India.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor ? Conectar
Esta historia es de la edición February 18, 2024 de Business Today India.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor? Conectar
The EV Craze
The country’s growing luxury car market is seeing a shift with environmentally-conscious consumers betting on electric vehicles as a sustainable travel option. Though just 6%, the share of EVs in the luxury segment is rising rapidly
The Storage Boom
Data centres are being built at a frenetic pace in india as companies scramble to meet the ballooning demand from mobile phone users and firms adopting al. Can the country’s energy infrastructure keep up?
India Beckons
Owing to rising incomes in India and overall wealth expansion, luxury brands are wooing the country like never before
The Pearls of The Sea
Caviar, that rare food, is considered the epitome of fine dining. Here is everything that you need to know about it
66.Brand persona should define the core"
I’d say this was a strategic pivot. We had an iconic brand, but had, over time, evolved into diversified lines of businesses that could no longer be represented within the confines of our ‘name’.
Unwind in Style
Here is acomprehensive list of top tech picks that help you unwind by blending perfection in performance with luxury
A Lifelong Affair with Inspiration
In my art journey, the diversity of my acquisitions mirrored the expanding horizons of my understanding of art
Make it Bubbly
Champagne is much more than just a symbol of celebration and success. Know about its nuances beyond the bubbles
Palatial Splendour
Buoyed by renewed demand, sales of the glitzy mansions of the ultra-rich are surging like never before. Real estate majors are looking to capitalise on this by launching luxury offerings in record numbers
Of Beaches and Cream
GianChand Single Malt Whisky