India’s economic snapshot 2024: Geopolitical wins, defence investments, and more | India News

NEW DELHI: India’s economic growth remained resilient in 2024, with projections reflecting a strong trajectory despite global challenges. The Ministry of Finance estimates a GDP growth rate of 6.5% for the fiscal year 2024-25, while the World Bank’s India Development Update forecasts an even higher growth of 7%, consolidating the position of India as the world’s fastest growing major economy.
India is currently the world’s fifth largest economy, with a GDP of $3.89 trillion at current prices, growing at an impressive rate of 8.2 percent in FY23/24.
Industrial and commercial developments
India’s finished steel imports hit an eight-year high, with China supplying a record 1.96 million metric tonnes in the first eight months of fiscal 2024-25, up 22.8 million year-on-year %. Total steel imports rose 26.6% to 6.5 million metric tons over the same period, raising concerns among domestic producers about the influx of cheap steel from China.
Geopolitical developments, global influence.
India made major diplomatic breakthroughs in 2024. Prime Minister Narendra Modi became the first Indian Prime Minister to visit Ukraine amid the Russia-Ukraine war, while President Droupadi Murmu made a historic visit to Fiji. India also hosted the third edition of the Voice of the Global South Summit, attended by 100 nations, and strengthened ties through a free trade agreement with Iceland and a bilateral investment treaty with the United Arab Emirates.
Employment trends
The manufacturing, trade and services sectors added 11 million jobs in 2024, increasing total employment to 120.6 million, up from 109.6 million the previous year.
Financial markets and monetary policy
The Reserve Bank of India maintained its key interest rates, prioritizing the balance between economic growth and controlling inflation.

In 2024, India will overtake China as the top Asian market for IPOs, driven by strong equity fundraising and rising share prices.
Digital Payments: UPI Transactions
The Unified Payments Interface (UPI) continued its dominance in digital payments, with transactions reaching an unprecedented Rs 18.41 trillion in January 2024. UPI has grown at a CAGR of 129%, from 92 million transactions in FY 2017-18 to Rs 13,116 crore in FY. 2023-24. Between April and August 2024, transaction volumes amounted to Rs 7,062 crore, underscoring the widespread adoption of the platform.
India’s global stature was further enhanced by re-election to the UN Peacebuilding Commission and Modi’s receipt of the Guyana Order of Excellence.
Defense and security budget
The Ministry of Defense received the highest allocation ever of Rp6.22 trillion, an increase of 4.79% from the previous year. Key investments focused on modernizing equipment and boosting domestic manufacturing.

Missile test success
India successfully tested its first long-range hypersonic ballistic missile in 2024, enhancing its defense capabilities. The Global Firepower Index ranked India as the fourth strongest military globally, with a Firepower Index score of 0.1023.
Economic empowerment of women
The Union Budget allocated Rs 3 trillion for women-centric schemes. The number of women tax filers increased by 25% and more than 1.1 million women joined the ranks of “Lakhpati Didis”, achieving significant financial independence.
Increased labor participation
Women accounted for 2.8 million job applications in 2024, an increase of 20% from 2023, according to the “India at Work 2024” report. This change, along with an overall 25% increase in job applications, highlights that women and youth drive labor force participation.