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India ranks 5th in the world’s largest economy, it grew 8.2% in FY 23-24, making it the world’s fastest-growing economy. As per the current scenario, most of the world's financial institutions agree that India is set to see significant economic growth in the upcoming years. Indian Prime Minister Narendra Modi said if he wins this election he will propel India from the world’s fifth-largest economy to the third-largest. It will be an inspiring feat for the world’s largest democracy and the most populous country on Earth.
Over the last few years, the Indian stock market has seen sky-high growth, a few months ago National Stock Exchange of India surpassed its Hong Kong counterpart to become the world's seventh-largest. There is a significant rise in engagements on the trading floor, there is a lot of euphoria on the dealing desk. In FY 25 Indian Government is expecting growth of 7% and it is going towards 7.2%, this is one of the highest growth among the developed as well as emerging markets.
Big Indian corporations like Adani’s Companies and Ambani’s Reliance have been making enormous strides. Normal GDP is estimated at Rs.295.36 lakh crores. The growth in GDP is estimated at 9.6% as the government’s continued emphasis on capital expenditure, and strong domestic demand for consumption and investment led to this development. Among the top 3 exporters, commodities are Engineering goods, petroleum products, and electronic goods. It is expected that the increased capital spending on infrastructure and asset build process will help as a growth multiplier. In the current scenario of global unpredictability and volatility, India became the destination of investment which grew more stronger and sustainable, a record amount of money raised by India-focused funds in 2022 is evidence of investors' faith.
India’s Defence sector has also seen a growth of 25% reaching $2.5 billion in FY 23-24, this is due to an increase in export authorisation granted to defence manufacturers. It also led forward the Make In India initiative. Looking forward to future development Government policies include development in every sector such as land-related reforms, Rural and Urban reforms, and labour development by creating job opportunities and addressing access to finance for micro, small and medium enterprises. It aims to create 90 million jobs by 2030, the Indian government is promoting the use of renewable energy and shifting away from coal. Taking into consideration all the above factors and many others, the Indian economy is set for 6.7% growth till 2031.
Thank you.
Regards,
Vaishnavi Shah,
Kautilya, IBS Mumbai.
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