{"id":205296,"date":"2024-12-31T13:33:16","date_gmt":"2024-12-31T13:33:16","guid":{"rendered":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/12\/31\/indias-economic-snapshot-2024-geopolitical-wins-defence-investments-and-more-india-news-times-of-india\/"},"modified":"2024-12-31T13:33:16","modified_gmt":"2024-12-31T13:33:16","slug":"indias-economic-snapshot-2024-geopolitical-wins-defence-investments-and-more-india-news-times-of-india","status":"publish","type":"post","link":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/12\/31\/indias-economic-snapshot-2024-geopolitical-wins-defence-investments-and-more-india-news-times-of-india\/","title":{"rendered":"India’s economic snapshot 2024: Geopolitical wins, defence investments, and more | India News – Times of India"},"content":{"rendered":"
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NEW DELHI: India’s economic growth remained resilient in 2024, with projections reflecting a strong trajectory despite global challenges. The finance ministry estimates a 6.5% GDP growth rate for the fiscal year 2024-25, while the World Bank’s India Development Update forecasts an even higher 7% growth, solidifying 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 $3.89 trillion at current prices, growing at an impressive rate of 8.2 percent in FY 23\/24.<\/p>\n

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Poll<\/p>\n

How do you feel about India’s strong economic growth in 2024?<\/p>\n<\/div>\n<\/div>\n<\/div>\n

Industrial and trade developments<\/span>
India’s finished steel imports reached an eight-year high, with China supplying a record 1.96 million metric tons in the first eight months of FY 2024-25, marking a 22.8% year-on-year increase. Total steel imports surged 26.6% to 6.5 million metric tons during the same period, raising concerns among domestic producers about the influx of cheap steel from China.
Geopolitical developments, global influence<\/span>
India made significant diplomatic strides in 2024. Prime Minister Narendra Modi became the first Indian PM to visit Ukraine amid the Russia-Ukraine war, while President Droupadi Murmu made a historic visit to Fiji.
India also hosted the third edition of the Voice of the Global South Summit, attended by 100 nations, and strengthened ties through a free trade agreement with Iceland and a bilateral investment treaty with the UAE.<\/p>\n

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India’s global stature was further bolstered by re-election to the UN Peacebuilding Commission and Modi receiving the Order of Excellence from Guyana.
Employment trends<\/span>
The manufacturing, trade, and services sectors added 11 million jobs in 2024, increasing total employment to 120.6 million, up from 109.6 million the previous year.
Financial markets and monetary policy<\/span>
The Reserve Bank of India maintained key interest rates, prioritizing a balance between economic growth and inflation control.
In 2024, India surpassed China as Asia’s leading market for IPOs, driven by strong equity fundraising and rising stock prices.
Digital payments: UPI transactions<\/span>
The Unified Payments Interface (UPI) continued its dominance in digital payments, with transactions reaching an unprecedented Rs 18.41 trillion in January 2024. UPI has grown at a CAGR of 129%, from 92 crore transactions in FY 2017-18 to 13,116 crore in FY 2023-24. Between April and August 2024, transaction volumes totaled 7,062 crore, underscoring the platform’s widespread adoption.<\/p>\n

Defence and security budget<\/span>
The ministry of defence received its highest-ever allocation of Rs 6.22 trillion, marking a 4.79% increase from the previous year. Key investments focused on equipment modernization and boosting domestic manufacturing.
Missile test success<\/span>
India successfully tested its first long-range hypersonic ballistic missile in 2024, enhancing its defense capabilities. The Global Firepower Index ranked India as the fourth-strongest military globally, with a Power Index score of 0.1023.
Women’s economic empowerment<\/span>
The Union Budget allocated Rs 3 trillion to women-focused schemes. The number of women tax filers surged by 25%, and over 1.1 million women joined the ranks of \u201cLakhpati Didis,\u201d achieving significant financial independence.
Rising workforce participation<\/span>
Women accounted for 2.8 crore job applications in 2024, marking a 20% increase from 2023, according to the “India at Work 2024” report. This shift, alongside a 25% overall surge in job applications, highlights women and youth driving workforce participation.<\/p>\n


Don’t miss the yearly horoscope 2025<\/a> and Chinese horoscope 2025<\/a> for Rat<\/a>, Ox<\/a>, Tiger<\/a>, Rabbit<\/a>, Dragon<\/a>, Snake<\/a>, Horse<\/a>, Goat<\/a>, Monkey<\/a>, Rooster<\/a>, Dog<\/a>, and Pig<\/a> zodiac signs. Spread love this holiday season with these Happy New Year wishes<\/a>, messages<\/a>, and quotes<\/a>.<\/i><\/div>\n<\/div>\n