Indian Economy 2024: Check Out Government's Top 10 Achievements In GDP, Startups, etc

2024 has been an interesting year for India with India producing the world's youngest chess champion to losing icons like Ratan Tata, and Dr. Manmohan Singh. Below are the top 10 economic achievements for India in 2024:

5th largest economy

India remained the 5th largest economy with a 7 per cent Gross Domestic Product (GDP), making it one of the fastest-growing global economy.  Nominal GDP or GDP at Current Prices for Q1 2024-25 is estimated at Rs. 77.31 lakh crores (US$ 928.9 billion) with a growth rate of 9.7 per cent, compared to the growth of 8.5 per cent for Q1 2023-24. 

FDI crosses $1 Trillion

FDI crossed $1 Trillion between April 200 and September 2024. This landmark achievement was bolstered by a nearly 26 per cent rise in FDI to $42.1 billion during the first half of the current fiscal year. Data from the Department for Promotion of Industry and Internal Trade (DPIIT) indicates that the total FDI, encompassing equity, reinvested earnings, and other capital, reached US$ 1,033.40 billion during this timeframe. Approximately 25% of the FDI originated from Mauritius, followed closely by Singapore at 24%, the United States at 10%, and the Netherlands at 7 per cent, IBEF said.

Roads

National Highway (NH) network increased by 60 per cent from 91,287 km in 2014 to 1,46,145 km in the year 2023.

                                                                                                                                 Source: PIB

This increase in expenditure coupled with timely maintenance, has significantly expanded the National Highways (NH) network in the country, growing from about 91,287 km in March, 2014 to about 1,46,126 km, as on July 25, 2024. 

Tourism in 2024

Ministry of Tourism has sanctioned a total of 76 projects for an amount of Rs.5287.90 Crore under the Swadesh Darshan Scheme, out of which 75 projects are physically complete. 

Ministry of Tourism has revamped its Swadesh Darshan Scheme as Swadesh Darshan 2.0 (SD2.0) to develop sustainable and responsible destinations following a tourist & destination-centric approach. 34 projects have been sanctioned for Rs.793.20 Crore under SD2.0.
Ministry of Tourism has sanctioned a total of 48 projects for an amount of Rs.1646.99 Crore under the PRASHAD Scheme, out of which 23 projects have been completed.
 

Consumer Sector

The Price Stabilization Fund (PSF) was set up with an initial corpus of Rs 500 crore to tackle price volatility in some agri-horticultural commodities viz. onion, potato, and pulses to protect the interests of consumers.

Defence

Rs 6.22 lakh crore allocated to MoD, highest among Ministries, in Regular Union Budget 2024-25; 4.79% higher than FY 2023-24.
 

Housing

As on 15th November 2024, under the Smart Cities Mission (SCM), work orders have been issued in 8,066 projects amounting to Rs., 1,64,669 crore, of which 7,352 projects (i.e. 91% of total projects) amounting to Rs., 1,47,366 crore have been completed. as per the data provided by 100 Smart Cities.

IPO Blast

India's IPO market achieved a historic milestone, with proceeds doubling from USD 5.5 billion in 2023 to USD 11.2 billion in 2024 says Global Data report. India's key IPOs in 2024 included Hyundai Motor's USD 3.3 billion issue, Swiggy 's USD 1.3 billion offering, NTPC Green Energy's USD 1.2 billion IPO, Vishal Mega Mart's USD 0.9 billion listing, and Bajaj Housing Finance's USD 0.8 billion issue.

Space Power

The Indian Space Research Organisation (ISRO) started 2024 with a big bang. On January 1, ISRO successfully launched the X-ray Polarimeter Satellite (XPoSat), a mission dedicated to understanding cosmic phenomena through the polarisation of X-rays.

Abolishing Angel Tax

In a boost to entrepreneurship, The Union Minister for Finance and Corporate Affairs, Smt. Nirmala Sitharaman proposed to abolish the ‘angel tax’ for all classes of investors, while presenting the Union Budget 2024-25 in Parliament