Prime Minister Narendra Modi released Big Bang numbers on the Indian economy as part of its bi-weekly India newsletter for the July 15-31 fortnight on the NaMo app. In this, he showed that India’s market cap has reached a record $ 5.5 trillion. At the same time, financial advisory firm Deloitte said that the GDP growth rate of India’s economy is expected to be 7 to 7.2 percent in the financial year 2024-25, which can be possible due to improvement in the rural economy, strong manufacturing, strong bank balance sheets and increased exports.
More than 20.5 crore jobs were created in SME
At the same time, Indian MSMEs have created more than 20.5 crore jobs in 4 years, while 39% of MSMEs in the country are now owned by women, it also shows. Along with this, it has been told that 1.4 lakh recognized startups in the country are creating 15.5 lakh jobs. Along with this, employment in India has increased by 35 percent to 64.33 crores in the last six financial years.
Manufacturing sector is also not behind
Along with this, according to the data released in it, the manufacturing sector (formal and informal institutions) saw an increase of 85 lakh employment opportunities from 2017-18 to 2022-23. At the same time, India’s exports grew by 5.5 percent to $ 21.2 billion, resulting in a trade surplus of $ 300 million. Exports are now set to exceed $ 800 billion this financial year. Exports of electronic goods manufactured in India grew by 16.9 percent to $ 2.82 billion in June.
The trade deficit also decreased
With this, India’s trade deficit narrowed to $20.98 billion in June from $23.78 billion in May. India’s external (FDI) commitments increased to $2.14 billion in June 2024, while it was $1.14 billion in June 2023. At the same time, India Inc raised Rs 32,619 crore from foreign bonds in 2024. Also, FPIs invested Rs 30,772 crore in the Indian markets. Along with this, India’s card payment market is expected to grow by 11.3 percent to reach Rs 28.4 trillion in 2024.
Growth returns to rural areas
Deloitte’s August update of ‘India Economic Outlook’ said that several initiatives in the Union Budget 2024-25 to improve agricultural productivity, generate employment for youth and boost manufacturing will help improve the supply side, curb inflation and boost consumer spending, especially in rural areas. According to the report, this confidence remains intact as India recorded a growth of 8.2% in FY2023-2024, exceeding all expectations for the third consecutive year. Amid strong growth, new patterns of spending have emerged in both rural and urban India.
Input: IANS
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