2024 Roundup: 10 Events That Proved India Is An Economic Powerhouse - List

India’s economy made waves in 2024 with several achievements that highlight its growing global influence. From crossing $1 trillion in foreign investments to becoming a key player in artificial intelligence and achieving $536 billion in exports, the country proved its strength across multiple sectors.

Here’s the list of milestones that shaped India’s success story this year.  

Electric vehicle production surge

India is on track to achieve a notable milestone in its transition to sustainable mobility. By 2025, the country is expected to produce 3,77,000 battery electric vehicles (BEVs), driven by major model launches and increased focus on green technology. This aligns with the government’s focus on achieving net-zero emissions and reducing dependency on fossil fuels. Subsidies under the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) initiative and private-sector have supported this growth.

Atomic energy capacity doubles

India’s nuclear energy sector has witnessed an increase in capacity  from 4,780 MW in 2014 to 8,081 MW in 2024. This expansion has been driven by investments in new reactor technologies, partnerships with countries like Russia and France, and  policies encouraging clean energy.

Dominance in smartphone market

India is now the second-largest smartphone market by volume. The industry has grown because of premiumisation trends, affordable pricing, and year-on-year value growth. Domestic brands like Lava and Micromax, along with international giants such as Samsung and Apple , continue to expand their market share by offering products tailored to Indian consumers. The rise in disposable incomes and digital penetration in rural areas has further accelerated this growth.  

Leadership in generative AI

India has emerged as the second-largest contributor to public generative AI projects on GitHub, with a 108 million new repositories and 5.2 billion contributions in 2024 alone. Initiatives like Digital India and investments in AI by companies such as TCS , Infosys, and Google have supported this innovation.

Digital shift in financial services

India’s digital economy continues to grow, with financial technology contributing to 10% of the GDP. This share is projected to double to 20% by 2026, as digital payments, UPI transactions, and netbanking services witness exponential growth. The success of platforms like PhonePe, Paytm, and Google Pay reflects the strength of India’s digital infrastructure and talent pool. Government support through initiatives like IndiaStack and Aadhaar-based initiatives has further strengthened financial inclusion, empowering millions in rural and semi-urban areas.  

Aviation sector takes off

India’s airline industry has rebounded strongly post-pandemic, with seat capacity growing by 12.7% in FY24, positioning the country fifth globally. This growth has been driven by increased domestic travel and international connectivity. Airports in cities like Delhi, Mumbai, and Bengaluru are now among the busiest in the world. With improved airport infrastructure and rising disposable incomes, India is competing with nations like Saudi Arabia and the UAE in aviation growth rates.  

Services exports outpace merchandise exports

For the first time, India’s services exports are on track to surpass merchandise exports by 2030. This shows the growing importance of IT services, software development, and business solutions in driving economic growth.

Share in global trade

India’s share in global trade, currently at 2%, has the potential to more than double with deeper integration into global value chains and boosted competitiveness of micro, small, and medium enterprises (MSMEs). According to the Confederation of Indian Industry (CII), focused government policies and international collaborations are important to achieve this target.  

Export growth and resilience

India’s exports have shown resilience, with total exports from April to November 2024 estimated at $536.25 billion, a growth of 7.61% compared to the same period in 2023. Merchandise exports alone accounted for $284.31 billion. The focus on sectors like pharmaceuticals, engineering goods, and textiles has played an important role in driving this performance.  

Record-breaking foreign direct investment (FDI)

India has witnessed FDI inflows surpassing $1 trillion (₹84,87,000 crore) since April 2000 to September 2024. India’s appeal as a global investment destination has grown and it is driven by its large consumer base,  policy framework, and economic stability. Key sectors like renewable energy, technology, and manufacturing have attracted substantial foreign investment.