NEW DELHI: Despite global challenges, India’s economic growth remains resilient in 2024, with forecasts reflecting a strong trajectory. The Ministry of Finance projects GDP growth of 6.5% in the fiscal year 2024-25, while the World Bank’s India Development Update forecasts an even higher growth rate of 7%, reinforcing India’s position as the world’s fastest-growing major economy.
India is currently the fifth largest economy in the world, with a GDP of US$3.89 trillion at current prices and an impressive growth rate of 8.2% in FY23/24.
industrial and trade development
India’s finished steel imports hit an eight-year high, with China supplying a record 1.96 million tons in the first eight months of the 2024-25 fiscal year, an annual increase of 22.8%. During the same period, total steel imports surged 26.6% to 6.5 million tons, triggering concerns among domestic manufacturers about the influx of cheap steel from China.
Geopolitical development, global influence
India made significant diplomatic progress in 2024. India also hosted the third Voices of the Global South Summit, with the participation of 100 countries, and strengthened ties through a free trade agreement with Iceland and a bilateral investment treaty with the United Arab Emirates.
employment trends
In 2024, 11 million new jobs will be created in the manufacturing, trade and service industries, and the total number of jobs will increase from 109.6 million in the previous year to 120.6 million.
Financial Markets and Monetary Policy
The Reserve Bank of India kept key interest rates unchanged, prioritizing a balance between economic growth and inflation control.
In 2024, India surpassed China to become Asia’s leading IPO market, driven by strong equity financing and rising stock prices.
Digital Payments: UPI Transactions
The Unified Payments Interface (UPI) continues to dominate the digital payments space with an unprecedented transaction volume of Rs 18.41 trillion in January 2024. The amount increased to Rs 13,116 crore in 2017-18 fiscal year 2023-24. The transaction volume totaled Rs 7,062 crore between April and August 2024, highlighting the widespread adoption of the platform.
India’s global standing was further enhanced by his re-election to the United Nations Peacebuilding Commission and Modi’s receipt of the Guyana Order of Merit.
defense and security budget
The Ministry of Defense received the highest ever allocation of Rs 6.22 trillion, an increase of 4.79% over the previous year. Key investments are focused on modernizing equipment and promoting domestic manufacturing.
Missile test successful
India successfully tested its first long-range hypersonic ballistic missile in 2024, enhancing its defense capabilities. The Global Firepower Index ranks India as the fourth strongest military force in the world, with a strength index score of 0.1023.
women’s economic empowerment
The Union Budget allocates Rs 3 trillion for women-focused schemes. The number of female tax filers has surged by 25%, and more than 1.1 million women have joined the ranks of “Lakhpati Didis” and achieved significant financial independence.
Labor participation continues to increase
According to the “India Jobs 2024” report, the number of job applications from women in 2024 was Rs 28 crore, an increase of 20% from 2023. This shift, coupled with an overall 25% surge in job applications, highlights the drive by women and youth to participate in the labor force.
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