Year End Review 2024: India's Growth Indicators on the Rise, Multiple Sectors Achieve Higher Global Rankings

New Delhi, Dec 30 (NationPress) While global powers such as the US and European countries work hard to achieve sustainable growth and stability amidst significant challenges, India has been effectively navigating through these hurdles, establishing its presence on numerous global metrics and serving as a model for other developing nations.

Often highlighted as a beacon of hope by top economists, India has consistently demonstrated that its vast workforce and an economy on the rise will guide the world.

Currently, India stands as the fifth largest economy globally and is on track to become the third-largest economy shortly. The impressive advancements in various global rankings over the last decade validate its expanding capabilities.

Under the guidance of Prime Minister Narendra Modi, the nation has made significant progress across diverse sectors including logistics, innovation, security, and cyber security.

These accomplishments over the past decade have not only elevated the country’s global standings but have also redefined India’s role in the international arena.

India made a substantial leap of 42 positions in the Ease of Doing Business Index from 2015 to 2018 by reducing bureaucratic hurdles and streamlining industry processes.

This transformation has rendered the nation a favorable destination for investors. In 2018, India soared from the 71st to the 29th position in the Global Competitiveness Index. In 2022, the country’s aviation industry safety oversight improved from 102nd place to 48th, surpassing nations like Denmark, Israel, and China.

These achievements exemplify India’s unwavering commitment to enhancing its global stature and competitiveness.

In 2024, India’s spectacular ascent on the global platform has been remarkable, with key rankings and successes reflecting its increasing influence. From being among the top four nations with the largest foreign exchange reserves to rising in the Global Innovation Index, India’s evolution under PM Modi’s leadership has been transformative.

Economic Growth & Foreign Reserves

India's economic growth trajectory under PM Modi has been phenomenal. In the Logistics Performance Index 2023, India climbed 16 spots to rank 38th out of 139 nations on trade efficiency indicators.

This advancement highlights India's strengthening position in trade and infrastructure. Additionally, India has outperformed many developed countries in terms of ship turnaround times, establishing itself as a key global trade center. The Sagarmala Project has led to increased port capacities, investments in port infrastructure, and enhanced connectivity.

Moreover, India achieved a remarkable milestone as its foreign exchange reserves surpassed $700 billion, securing the fourth position globally, following China, Japan, and Switzerland.

Another notable feat is India's rise to the 39th position in the Global Competitiveness Index 2024, underscoring the government's unwavering focus on economic reforms that position India as a formidable global market player.

Over the last decade under PM Modi’s administration, total foreign direct investment (FDI) inflows have reached $709.84 billion, representing 68.69% of the overall FDI influx in the past 24 years.

In 2024, India emerged as the second largest producer of crude steel globally, following China. It also ranked second in mobile phone production, solidifying its status as a major manufacturing hub.

Emerging as an Innovation Leader

The Global Innovation Index 2024 reflects this progress, with India advancing to 39th position from 81st in 2015, highlighting its transformation into a global innovation center.

India further enhanced its technological profile by climbing 11 spots in the Network Readiness Index 2024, ranking among the top 50 countries.

India achieved first place in AI talent and ICT services exports, first in AI scientific publications, second in FTTH subscriptions, mobile internet traffic, and third in domestic market scale. This progress highlights the government's efforts to bolster digital infrastructure.

India ranked among the top 10 nations in patents, trademarks, and industrial designs according to the WIPO 2024 Report, reaffirming the country's growing leadership in intellectual property and its crucial role in technological advancements.

Gender Equality

India's significant strides in gender equality are evident in the 2022 Gender Inequality Index, where the nation improved 14 places, moving from 122nd in 2021 to 108th. This progress reflects the Modi administration's strong commitment to women's empowerment through initiatives like ‘Beti Bachao Beti Padhao’, focusing on education, healthcare, and women's safety.

As of 2023-2024, India continues to advance, with increased participation of women in the workforce and political leadership roles.

A Flourishing Tourism Sector

India’s tourism industry has thrived, ranking 39th in the Travel and Tourism Development Index (TTDI) 2024. Initiatives such as Incredible India and Dekho Apna Desh have enhanced both domestic and international tourism, showcasing India’s rich cultural and natural heritage.

In 2024, PM Modi inaugurated 52 tourism-related projects valued at Rs 1,400 crore under the Swadesh Darshan and PRASHAD Scheme. India has climbed to third place in the Asia Power Index 2024, overtaking Japan.

This reflects India's increasing regional influence, driven by strategies like the Act East Policy and active leadership in global forums. Under PM Modi’s guidance, India’s presence and power on the global stage continues to grow.