IndiaBecomingAn Economic Powerhouse

16thJune, 2025

Key Takeaways

 India became the 4th largest global economy in 2025, driven by domestic reforms and
global positioning under the vision of Aatmanirbhar Bharat.
 India is the world‟s fastest-growing major economy, with real GDP growing at 6.5% and
nominal GDP tripling from ₹106.57 lakh crore (2014–15) to ₹331.03 lakh crore (2024–25).
 India is projected to be world’s fastest growing major economy (6.3% to 6.8% in 2025-26).
 Total exports increased by 76% over the last decade, reaching US$ 825 billion in 2024–25,
led by engineering goods, electronics, and pharmaceuticals.
 Services exports more than doubled, growing from US$ 158 billion in 2013–14 to US$ 387
billion in 2024–25.
 Cumulative FDI inflows reached US$ 1.05 trillion, with a record 27% increase in equity
inflows in the first 9 months of FY25 alone.
 Digital transactions surged 9x in volume (FY18–FY24), with UPI processing 172 billion
transactions in 2024 alone.
 Inflation was reduced from an average of 8.2% (2004–14) to around 5% (2015–25)
through targeted fiscal and monetary policies.
 Retail inflation fell to 4.6% in 2024–25, the lowest since 2018–19.

Introduction
India, the world’s fourth-largest economy1, has emerged as the fastest-growing major economy and
is on track to become the world’s third-largest economy with a projected GDP of $7.3 trillion by
2030.India is projected to be world’s fastest growing major economy (6.3% to 6.8% in 2025-26). This
transformation is the result of a decade of decisive governance, visionary reforms, and global
engagement under Prime Minister Narendra Modi. Driven by robust domestic demand, a dynamic
demographic profile, and sustained economic reforms, India is asserting its rising influence in global
trade, investment, and innovation.

At the Kautilya Economic Conclave2, renowned economist Jagdish Bhagwati remarked: “In the
old days, the World Bank used to tell India what to do, but now, India tells the World Bank what to
do.” This statement powerfully reflects India’s shift in last Eleven years, from a dependent economy
to a self-reliant, globally competitive powerhouse.

At the core of this transformation is the vision of Aatmanirbhar Bharat, a movement that promotes
innovation, entrepreneurship, and technological sovereignty. Under Modi‟s leadership, strategic
initiatives like the Production Linked Incentive (PLI) schemes, revitalisation of MSMEs, and the

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expansion of digital infrastructure have laid the foundation for a high-growth, high-opportunity
economy.

Equally central to this vision is inclusive and equitable growth. The government’s policies have
focused on job creation, support for small businesses, increased public investment, and financial
empowerment of the middle class and entrepreneurs, ensuring that economic progress benefits
every citizen.India’s economic growth under Prime Minister Narendra Modi is not just about
building momentum, it is about reshaping the nation‟s economic destiny. Today, India is a nation
that is digital, green, aspirational, and future-ready, firmly advancing towards its goal of becoming

Fast Facts

₹29.8 lakh crore Aatmanirbhar Bharat Package during COVID saved economy.
a global leader.

Creating a base for „Growthade‟

 Indian corporates raised an all-time high of ₹1,62,387 crore through IPOs in 2024–25.
 National highways increased from 91,287 km in 2014 to 1,46,204 km till March 2025.
 There are 160 operational airports in the country, which include 145 airports, 2 water
aerodromes, and 13 heliports as of March 2025.
 Extension of 15% tax rate for new manufacturing units till 2024, and tax incentives for
start-ups, will boost high-growth sectors and create jobs.
 Scheduled Commercial Banks’ (SCBs) gross NPAs fell to a 12-year low of 2.6% in
December 2024.

GDP Growth: Strengthening the Economic Foundation3

India’s GDP has witnessed a remarkable transformation over the past decade. At current prices,
GDP has increased from ₹106.57 lakh crore in 2014–15 to an estimated ₹331.03 lakh crore in
2024–25, an approximate threefold rise in just ten years. In 2024–25 alone, nominal GDP grew by

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9.9% over the previous year, while real GDP (at constant prices) increased by 6.5%, reflecting
sustained economic momentum.This steep growth reflects the country’s expanding economic base
and rising income levels.

During the same periodReal GVA rose by 6.4%, and nominal Gross domestic product (GDP)
GVA by 9.5%. Private Final Consumption Expenditure measures the value of all the
(PFCE) grew by 7.3%, driven by a recovery in rural demand, goods and services produced in a
reaching its highest share of GDP (61.8%) since 2002–03. country, while Gross value
added (GVA) is the value added
The services sector4has remained the steadiest contributor to to other (purchased) goods and
services, which are used to
GVA, with its share rising from 50.6% in FY14 to around 55%
produce within an economy.
in FY25. It also provides employment to approximately 30% of
the workforce. In addition to its direct contribution, services play an increasingly vital role in
“servicification” of manufacturing, enhancing value through services used in both production and
post-production stages.

Fast Fact: Tax revenues hit record highs with GST collections peaking in April 2025 and tax-to-
GDP ratio estimated at 12% for FY26.

This sustained momentum is the result of a structural transformation led by the Government,
prioritisingtransparency, ease of doing business, and long-term investments across
manufacturing, MSMEs, digital services, and infrastructure.

External Trade: Expanding India‟s Global Footprint56

India’s total exports have shown remarkable growth over the past decade, rising from US$ 468
billion in 2013–14 to US$ 825 billion in 2024–25, marking a substantial increase of approximately
76%.

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This growth was supported by a marginal increase in merchandise exports, which stood at US$
437.42 billion in FY 2024–25 compared to US$ 437.07 billion in the previous year, reflecting
stability in goods-based trade. Over the decade, merchandise exports rose from US$ 310 billion in
2013–14 to US$ 437.42 billion in 2024–25, marking a 39% increase, driven by sectors such as
engineering goods, petroleum products, and electronics.

Services exports more than doubled, expanding from US$ 158 billion in 2013–14 to US$ 387 billion
in 2024–25, registering a remarkable growth.

India‟s Top Export Sectors Leading the Growth Story

India’s export surge in FY 2024–25 has been propelled by its top three export sectors—engineering
goods, electronic goods, and drugs & pharmaceuticals—which have played a pivotal role in
strengthening the country’s trade performance.

India’s non-petroleum exports reached an all-time high of USD374.1 billion (FY 2024-25)

Sector Top Export Destinations Other Key Highlights

 Achieved the highest export value among all
sectors.
Engineering USA, UAE, Saudi Arabia,
 Driven by key initiatives like Make in India,
Goods UK, Germany
PLI scheme for auto and components, and the
Advanced Chemistry Cell (ACC) programme.
  Electronic goods exports saw a growth of over
UAE, USA, Netherlands, 32%, reaching more than USD 38 billion in FY
Electronic Goods
UK, Italy 2024-25.
 Export growth in value terms: ~US$ 10 billion
 India ranks 3rd globally in volume terms.
Drugs &
200+ countries  Market projected to reach US$ 130 bn by 2030
Pharmaceuticals
and US$ 450 bn by 2047.

Global Capital Flows into India789

India has rapidly become one of the world’s most attractive destinations for Foreign Direct
Investment (FDI), fuelled by a decade of structural reforms, investor-friendly policies, and enhanced
global competitiveness. Strengthened by improvements in key international rankings and strategic
initiatives, investor confidence has surged. The Government now aims to raise annual FDI inflows to

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US$ 100 billion, up from the current five-year average of over US$ 70 billion, aligning with efforts
to position India as a global investment hub amid shifting supply chains.

These factors have boosted FDI investments in Indiawith cumulative inflows reaching an impressive
₹89.85 lakh crore (US$ 1.05 trillion) between April
Share of Cumulative
2000 and December 2024, marking nearly a 20-fold Sector FDI Equity Inflow (%)
increase since FY01. India's FDI equity inflows for Services 16.2%
April-December 2024 surged by 27% to ₹3.40 lakh Computer Software &
crore (US$ 40.67 billion), reflecting robust investor Hardware 15.0%
confidence. This growth has been driven by reforms Trading 6.4%
such as the liberalisation of FDI norms in key Telecom 5.5%
sectors, introduction of GST, and initiatives like Automobiles 5.2%
Make in India.

Key achievements in FDI

 Highest ever annual FDI Inflow of USD 84.84 billion in the financial year 2021-22.
 FDI inflow USD 667.74 billion in the last 10 financial years (2014-24). It is nearly 67% of the
total FDI reported in the last 24 years (USD 991.32 billion).
 Gross FDI inflows touched USD 1 trillion by September 2024.
 26% Jump in FDI, in H1-FY 2024-25 FDI hits USD42+ Billion
 More than 90% of FDI Equity Inflow received under Automatic Route.

Category Key Highlights

• Hospital segment attracted US$ 1.5 billion (Rs. 12,708 crore) in FY24,
Healthcare & accounting for 50% of total healthcare FDI.
Insurance • Insurance sector received US$ 6.51 billion in FDI over nine years. FDI cap
increased from 26% (2014) to 74% (2021).
• In March 2024, the Union Cabinet led by PM Modi approved FDI reforms in
the space sector, allowing 100% FDI in selected satellite sub-sectors under
Space Sector defined limits to boost private investment.
• Indian space startups raised over US$ 120 million in the first nine months of
FY24.

Renewables • FDI inflows amounted to US$ 6.14 billion between April 2020 and September
2023.
• As of February 2024, FDI in the defence sector reached US$ 612 million (Rs.
Defence 5,077 crore).
• Joint ventures with foreign OEMs are being promoted under „Aatmanirbhar
Bharat‟ and „Make in India‟.
• World Food India 2023 summit facilitated MoUs worth US$ 4 billion (Rs.
Food Processing 33,129 crore).
• Additional investments of US$ 3.12 billion (Rs. 25,869 crore) were mobilized
under schemes like PMKSY, PLISFPI, and PMFME.
 Category Key Highlights

• Databricks will invest US$ 250 million (Rs. 2,133 crore) and expand its
Tech & Auto workforce by 50% by FY25.
• In January 2024, Prime Minister Narendra Modi inaugurated Boeing‟s US$
192.5 million (Rs. 1,600 crore) tech center near Bengaluru.

Startups India’s space startup ecosystem grew from 1 to 190+ startups in just 4 years,
supported by liberalized policy and strong investor interest.

Major States Attracting Global Investments Across Key Sectors

• Aims to double GDP from US$ 500 billion to US$ 1 trillion by 2030 at 14%
Maharashtra CAGR.
• Hyundai Motors is investing US$ 721.94 million (Rs. 6,000 crore) after acquiring
GM’s Talegaon plant.

Karnataka • Signed 8 MoUs worth US$ 2.76 billion (Rs. 23,000 crore) in sectors like AI,
healthcare, and data centers.
• At Vibrant Gujarat 2024, DP World committed US$ 3 billion (Rs. 25,000 crore)
Gujarat for ports, logistics, and SEZs.
• MoUs cover development of deep-draft ports, freight corridors, and logistics
infrastructure.

Production Linked Incentive Scheme

With an impressive outlay of ₹1.97 lakh crore (over US$26 billion), the PLI Schemes focus on 14
critical sectors, each strategically chosen to enhance the country’s manufacturing prowess, foster
technological advancements, and elevate India’s position in global markets. These sectors are aligned
with the government's goal of strengthening domestic production and expanding exports, contributing
to the broader vision of Atmanirbhar Bharat.The impact of PLI Schemes has been significant across
various sectors in India. These schemes have incentivized domestic manufacturing, leading to
increased production, job creation, and a boost in exports. They have also attracted significant
investments from both domestic and foreign players.

PLI Schemes have transformed India’s exports basket from traditional commodities to high value-
added products such as electronics & telecommunication goods, processed food products etc. PLI
Schemes have witnessed exports surpassing ₹ 5.31 lakh crore(around US$ 61.76 billion), with
significant contributions from sectors such as Large-Scale Electronics Manufacturing,
Pharmaceuticals, Food Processing, and Telecom & Networking products. 10

Strengthening the MSME Sector11

With over 6.3 crore enterprises, the MSME sector plays a vital role in employment generation and
entrepreneurship, second only to agriculture. The government has supported the sector through
initiatives focusing on credit access, technology, infrastructure, skill development, and market
support, including for Khadi, Village, and Coir industries.

Key Achievements:
 Over ₹3.58 lakh crore sanctioned under the Emergency Credit Line Guarantee
Scheme (ECLGS)
 MSME loans of over ₹2.39 lakh crore saved from becoming NPAs under ECLGS
 1.13 crore MSMEs benefitted.
 Estimatesshow that this saved over 1.5 crore jobs,supported the livelihood of nearly 6
crore people.
 Guarantee cover enhanced up to ₹100 crore to boost credit access.

Digital Transformation in Payments

India has experienced a remarkable surge in digital payments, marking a pivotal shift towards a cashless
economy. This growth has been enabled by government initiatives, collaborative stakeholder efforts, and
robust digital infrastructure. At the centre of this transformation is Unified Payments Interface (UPI),
alongside Immediate Payment Service (IMPS) and NETC FASTag, which have made transactions faster,
safer, and more accessible.

Revolution in Digital Transactions

India’s digital payment transactions have expanded at an exponential rate, reflecting increased digital
adoption among individuals and businesses.

● Transaction Volume:
Digital payment transactions grew from 2,071 crore in FY 2017–18 to 18,737 crores in FY
2023–24, achieving a Compound Annual Growth Rate (CAGR) of 44%.

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 ● Transaction Value:
Over the same period, the value of transactions rose from ₹1,962 lakh crore to ₹3,659 lakh
crore, with a CAGR of 11%.

UPI: The Flagship of India‟s Digital Economy

Unified Payments Interface (UPI) is a transformative digital payment system that integrates
multiple bank accounts into one mobile application, offering seamless fund transfers, bill payments,
and merchant transactions. It has not only made financial transactions fast, secure, and
effortless, but also empowered individuals, small businesses, and merchants, driving the country’s
shift toward a cashless economy.

IMPS and NETC FASTag: Enhancing Real-Time and Mobility Payments

While UPI dominates mobile-based peer-to-peer and merchant In December 2024, IMPS
payments, Immediate Payment Service (IMPS) and NETC processed 441 million
FASTag continue to play crucial roles in strengthening India's transactions valued at ₹6.01
digital payments landscape. lakh crore, up from 407.92
million transactions and ₹5.58
lakh crore in November 2024.
IMPS, launched in 2010, is a real-time, 24x7 electronic funds
transfer service supporting transactions across banks and financial institutions via mobile, internet
banking, ATMs, and SMS.

Simultaneously, NETC FASTag, India’s digital toll collection December 2024 saw 381.98
system, enables cashless toll payments directly from linked bank million FASTag transactions,
accounts, enhancing convenience for commuters. up from 358.84 million in
November, with transaction
Together, IMPS and FASTag are instrumental in expanding digital value rising from ₹6,070 crore
financial services beyond traditional transactions—driving seamless to ₹6,642 crore.
fund transfers and mobility-related payments across the country.

Internationalization of Digital Payments:

India’s indigenously developed UPI and RuPay cards are world class platforms for enabling digital
payments. Government is making efforts to promote these products globally. At present UPI is fully
functional and live in UAE, Nepal, Bhutan, Singapore, Mauritius, France and Sri Lanka. RuPay
cards acceptance is live in UAE, Nepal, Bhutan, Singapore and Mauritius.

49% of global real-time digital transactions happened in India (ACI Worldwide Report 2024)

Building Blocks of Inclusive Growth: A 11 Years of Financial Empowerment in

India

Over the past eleven years, India has made remarkable progress in deepening financial inclusion and
promoting grassroots entrepreneurship. A suite of flagship schemes launched since 2014 has
significantly broadened access to banking, insurance, pensions, and credit. Together, they have
laid the groundwork for a more resilient, inclusive, and opportunity-driven economy.

1. Pradhan Mantri Jan Dhan Yojana (PMJDY)

Launched in August 2014 by the Prime  The number of PMJDY accounts increased
Minister Narendra Modi as a National from 14.72 crore in 2015 to 55.17 crore by
Mission for Financial Inclusion (NMFI), April 2025.
PMJDY aimed to bring the vast unbanked  Total deposits in these accounts rose from
population into the formal financial system, ₹15,670 crore to ₹2.61 lakh crore, reflecting
ensuring that every citizen has the enhanced financial participation.
opportunity to manage their financial  Over 30.80 crore accounts are held by
activities effectively. The scheme, guided by women, promoting gender-inclusive financial
the principles of "banking the unbanked, empowerment.
securing the unsecured, funding the  Approximately 36.73 crore accounts are
unfunded, and serving the underserved," has located in rural and semi-urban areas,
made significant strides in providing ensuring outreach to underserved regions.
universal banking services to every
unbanked household across the nation.

2.
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)12

Announced in the 2015 Union Budget in response  As of March 2025, 23.36 crore
to the fact that only 20% of Indians had insurance individuals have enrolled in the
coverage, PMJJBY offers annual renewable life scheme.
insurance. Over 9 lakh families have received  Out of 9,37,524 claims received,
timely support, making it one of the most impactful 9,05,139 have been successfully
public life insurance schemes globally. disbursed, amounting to ₹18,102.78
crore.

3. Pradhan Mantri Suraksha Bima Yojana (PMSBY)13

Since its launch on 9th May 2015, the Pradhan  As of April 2025, the scheme has achieved
Mantri Suraksha Bima Yojana (PMSBY) has 50.99 crore cumulative enrolments.
made remarkable strides in expanding affordable  Out of these, 23.82 crore women and 33.81
accident insurance coverage across India. crore rural residents have benefitted,
reflecting strong inclusivity.
With a nominal annual premium of ₹20 and easy  The scheme has received 2,09,112 claims,
bank-linked auto-debit enrolment, PMSBY has with 1,56,428 claims disbursed.
become a crucial instrument in providing  Total claim payout stands at ₹3,106.58
financial protection to vulnerable sections, crore.
particularly in rural and low-income households.

4. Atal Pension Yojana (APY)14

To tackle longevity risks and the lack of retirement security in the unorganised sector, APY was
launched in 2015. It provides a defined monthly pension linked to contribution and age of entry. As
of April 2025, the scheme has accumulated 7.65 crore subscribers and a total corpus of ₹45,974.67
crore. Women now constitute about 48% of all subscribers, a strong indicator of growing financial
awareness and security among female workers.

5. Pradhan Mantri Mudra Yojana (PMMY)15

Launched on 8 April 2015, Pradhan Mantri More than 52.77 crore loan accounts have been
Mudra Yojana (PMMY), the Flagship extended with sanction amount of Rs. 34.11 lakh
Programme of the Prime Minister aimed at crore and disbursed amount of Rs. 33.33 lakh
Funding the Unfunded micro enterprises and crore, since launch of the scheme
small businesses. By removing the burden of
collateral and simplifying access, MUDRA laid the foundation for a new era of grassroots
entrepreneurship. The scheme has ignited an entrepreneurial shift across India—from cities to
villages, turning job seekers into job creators.

6. Stand-Up India Scheme16

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Since its inception on 5 April 2016, the Total accounts sanctioned (05.04.2016 to 31.03.2025):
Stand-Up India Scheme has enabled SC, 2,73,607
ST, and women entrepreneurs to launch Total amount sanctioned:₹62,410.04 crore
greenfield enterprises by facilitating bank Accounts sanctioned to SC/ST beneficiaries:69,822
loans. It has empowered thousands to Amount sanctioned to SC/ST beneficiaries: ₹14,705.64
start and grow businesses, creating crore
livelihood opportunities and driving Accounts sanctioned to women beneficiaries:2,04,058
inclusive economic participation. Amount sanctioned to women beneficiaries: ₹47,704.44
crore

7. PM Vishwakarma: Empowering India‟s Traditional Artisans

Launched on September 17, 2023, the

PM Vishwakarma Scheme is a
landmark initiative aimed at supporting
traditional artisans and craftspeople
across 18 identified trades such as
blacksmiths, carpenters, potters, tailors,
barbers, cobblers, and others. The
scheme provides holistic support,
including skill training, collateral-
free credit, modern toolkits, market
access, and incentives for digital
transactions—helping integrate these
artisans into the formal economy.

8. PM SVANidhi Scheme: Empowering Street

Vendors with Affordable Credit
 No. of Accounts Sanctioned:
The PM SVANidhi Scheme, launched by the Ministry 9,836,781
of Housing and Urban Affairs on June 1, 2020, aims to  Amount Sanctioned: Rs. 14,259
empower street vendors by providing hassle-free crores
access to affordable credit and promoting their digital  No. of Accounts Disbursed: 9,604,650
onboarding for economic development. The scheme  Amount Disbursed: Rs. 13,782 crore
offers collateral-free working capital loans up to Rs.
50,000 in three tranches, along with a 7% per annum interest subsidy and cashback incentives of
Rs. 1 per digital transaction (up to Rs. 1,200 annually). Initially valid until December 31, 2024, the
scheme is currently under extension.

From High Prices to Stability: A Decade of Inflation Control17

Retail inflation fell to 4.6% in 2024–25, the lowest

since 2018–19, highlighting the success of RBI’s

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Over the last two decades, India has seen a pro-growth monetary policy in balancing growth
remarkable transformation in its inflation and price stability.
landscape. Between 2004–05 and 2013–14,
inflation averaged 8.2%, with several years experiencing double-digit rises, largely driven by
surging food and fuel prices. This period put pressure on household budgets and created
uncertainty for businesses.

However, from 2015–16 to 2024–25, inflation has moderated significantly to an average of

around 5%. This shift reflects strong policy interventions, including inflation-targeting by the
Reserve Bank of India, improved supply chain management, and sound fiscal discipline by the
Government. As a result, price stability has improved, boosting consumer confidence and
supporting sustainable economic growth.

CPSEs: Catalysts of India‟s Economic Transformation

Central Public Sector

Enterprises (CPSEs) play a
critical role in India's economic
and industrial development. As
strategic national assets, they are
not merely commercial entities but
pillars of national growth,
providing essential infrastructure,
manufacturing capabilities, and
services across a wide spectrum —
from everyday household products
like salt, tea, and paper to heavy
machinery, electric vehicles, and
components used in the
construction of national infrastructure.

Key Achievements of Central Public Sector Enterprises:

Central Public Sector Enterprises (CPSEs) have significantly contributed to India’s economic rise
over the past decade.

2014 (or 2024 (or

Indicator Growth
FY14/FY16) FY24/FY25)
Paid-up Capital ₹2 lakh crore ₹6 lakh crore ↑ 199%

Gross Revenue ₹21 lakh crore ₹36 lakh crore ↑ 75%

Net Profit (Operating CPSEs) ₹1.3 lakh crore ₹3.2 lakh crore ↑ 149%

Profit (Profit-Making CPSEs) ₹1.5 lakh crore ₹3.4 lakh crore ↑ 130%

Contribution to Central
₹2.2 lakh crore ₹4.9 lakh crore ↑ 120%
Exchequer

Net Worth ₹9.5 lakh crore ₹20 lakh crore ↑ 110%

Capital Employed ₹17.5 lakh crore ₹43 lakh crore ↑ 145%

Capital Expenditure (CPSEs) ₹1.9 lakh crore ₹3.3 lakh crore ↑ 74%

Combined Capex (CPSEs + ₹3.1 lakh crore ₹8.1 lakh crore

↑ 161%
Railways + NHAI) (FY16) (FY25)

Conclusion
Over the past decade, India has undergone a profound economic transformation rooted in structural
reforms, visionary policymaking, and unwavering political will. From achieving historic GDP
growth and record exports to revolutionising digital payments and empowering millions through
financial inclusion, the country has laid the foundation for a resilient, equitable, and future-ready
economy. With robust FDI inflows, expanding trade, and innovation-driven sectors leading the
charge, India is no longer a passive participant in the global economy, it is a key architect of its
future. As the country moves confidently toward its goal of becoming a top three economic power,
the momentum of the last eleven years signals that India’s economic rise is not just a moment—it is a
movement.

References:
 Dept. of Financial services.
 Ministry of Commerce & Industry
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 https://www.pib.gov.in/PressNoteDetails.aspx?NoteId=154426&ModuleId=3
 https://www.pib.gov.in/PressNoteDetails.aspx?NoteId=154432&ModuleId=3
 https://www.pib.gov.in/PressReleasePage.aspx?PRID=2119954
 https://www.pib.gov.in/PressReleasePage.aspx?PRID=2119045

Explainer 15/ Series on 11 Years of Government

Santosh Kumar/RituKataria/AnchalPatiyal