India's GDP growth in recent years has often outpaced many major economies, making it one of the fastest-growing large economies. For the financial year 2024, India's GDP growth was driven by several key sectors: 1. **Services Sector:** This sector remains a major contributor to GDP, including IT seRead more
- India’s GDP growth in recent years has often outpaced many major economies, making it one of the fastest-growing large economies. For the financial year 2024, India’s GDP growth was driven by several key sectors:
1. **Services Sector:** This sector remains a major contributor to GDP, including IT services, finance, and healthcare.
2. **Manufacturing:** The government’s push for ‘Make in India’ and reforms in the manufacturing sector boosted growth.
3. **Construction and Real Estate:** Urbanization and infrastructure projects led to growth in this sector.
4. **Agriculture:** Improved agricultural productivity and government support programs contributed positively.
India’s GDP growth rate has been relatively higher compared to major economies like the U.S., China, and the Eurozone, showcasing its dynamic and resilient economic structure.
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India's GDP growth is one of the few successful post Covid growth story. Comparing to other major economies, India followed a different model which seems sustainable to many, including IMF and W.B, reports projecting growth of 7.0 in 24, 6.8 in 25 and 6.7 in 26. While the inflation is elephant in tRead more
India’s GDP growth is one of the few successful post Covid growth story. Comparing to other major economies, India followed a different model which seems sustainable to many, including IMF and W.B, reports projecting growth of 7.0 in 24, 6.8 in 25 and 6.7 in 26. While the inflation is elephant in the room in many countries, including Europe and USA. Focusing early on supply side in Atmanirbhar package, helps us to tackle the demand side inflation which many developed countries failed to do so, helps our GDP, as we have seen in USA, the supply chain problem there. And in countries like China growth in slowing down, traps into middle income, decrease consumption, crashing of real state, and aging population in G7 and China. While the developing countries having their growth slow down due to geopolitics, wars, with all this factors, the GDP growth of India stand apart as fastest in the world.
Many sectors in year 2024 contributed such as, merchandise export exceeding 700 billion, service export of more than 100 b$, strong electronics domestic manufacturing , PLI scheme, pharma industry, 2.5% growth in Agri output, reduction in NPAs( 2.5%) at lowest level since 2015 helps to boom banking sector, importing oil from Russia helps to control inflation, 37% Increase in capital expenditure( 3.4% of GDP), FDI inflow, increase of AUM in Mutual funds and many factors, while India is fastest growing, it needs to navigate this rough time with precaution and focusing more on sustainable and inclusive growth which reaches to last mile.
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