India’s economic trajectory has been a subject of much debate in recent years. While political parties often clash over interpretations of growth data, there’s no denying a significant economic rise witnessed in the past decade. This blog post dives into the statistics from 2014 to 2024, exploring India’s remarkable economic journey and the potential future implications.
A Decade of Transformation
Often referred to as part of the “Fragile 5” economies in 2014, India has undergone a significant transformation in the past ten years. The country has not only climbed the ranks to become one of the top five economies globally but is also projected to enter the elite top three in the coming years. This economic rise is backed by a multitude of positive indicators, including robust growth in Gross Domestic Product (GDP), exports, foreign reserves, and foreign direct investment (FDI).
Indicators of Growth
Let’s delve into the specific data showcasing India’s economic growth. In the final quarter of 2014, GDP growth stood at a modest 4.6%. However, by the third quarter of 2024, this figure had nearly doubled to a promising 8.4%. This significant increase reflects a strong and expanding economy.
Export Strength
The export sector has also witnessed impressive growth. Exports, valued at $466 billion in the financial year 2014, soared to a staggering $776 billion by financial year 2023. This substantial increase indicates India’s growing presence in the global marketplace.
Financial Stability
Financial stability is another area where India has made significant strides. Forex reserves, which stood at $303 billion in FY 2014, have more than doubled to a commendable $645 billion by 2024. Similarly, FDI inflows have also witnessed a considerable rise, jumping from $36 billion in FY 2014 to a robust $83.5 billion in 2024. This growth in foreign reserves and FDI reflects increased investor confidence in the Indian economy.
Controlling Inflation
Beyond headline figures like GDP, other economic indicators also paint a positive picture. Inflation, a key concern for consumers, has been brought under control. From a high of 8.7% in 2014, inflation has been successfully brought down to a manageable 4.8% by 2024. This signifies a more stable and predictable economic environment.
Current Account Deficit
The Current Account Deficit (CAD), which reflects the difference between a country’s imports and exports, has also narrowed considerably. Standing at 5.1% in 2014, the CAD has been reduced to a mere 1.2% by 2024. This decrease indicates a more sustainable balance of trade for India.
Benefits for the Common Man
Economic growth doesn’t just impact national statistics; it also influences the lives of everyday people. One way to gauge this impact is by looking at interest rates. A significant decline in interest rates on various loans, such as education loans (from 14.25% to 8.15%), home loans (from above 10% to 7-8%), auto loans (from above 10% to 7-8%), and personal loans (from 14.25% to 10.50%), has made borrowing more affordable for ordinary citizens.
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