Reason 01
One of the world’s fastest-growing economies
- Total FDI inflows in the country in the FY 2023-24 is $971.521 Bn (Apr 2000 to Dec 2023) and total FDI equity inflows stands at $666.477 Bn (Apr 2000 to Dec 2023).
- Source: Department of Promotion of Industry and Internal Trade, Govt. of India
- Hon’ble PM Shri Narendra Modi announced a special economic and comprehensive package of more than $270 Bn – equivalent to 10% of India’s GDP, under the Atmanirbhar Bharat Abhiyan (Self-reliant India).
- Source: Prime Minister’s Office, Ministry of Finance
- India to witness an estimated GDP Growth of 7.6% In 2023-24.
- Source: Ministry of Finance
Reason 02
Largest youth population in the world
- The population of India is expected to rise from 121.1 Cr to 152.2 Cr during 2011-36 an increase of 25.7% in 25 years.
Source: National Commission on Population, Ministry of Health & Family Welfare - India has its largest ever adolescent and youth population. It will continue to have one of the youngest populations in the world till 2030.
Source: United Nations Population Fund - India has the third-largest group of scientists and technicians in the world.
Source: All India Management Association, The Boston Consulting Group - Ministry of Youth Affairs and Sports signed a Statement of Intent with YuWaah with UNICEF to strengthen resolve to mobilise 1 Cr youth volunteers to achieve goals of Atmanirbhar Bharat.
Source: Ministry of Youth Affairs - By 2030, it is estimated that around 42% of India’s population would be urbanised from 31% in 2011.
Source: World Bank
Reason 03
Indian Infrastructure Story
- Hon’ble Finance Minister Smt. Nirmala Sitharaman announced the National Infrastructure Pipeline first-of-its-kind initiative to provide world-class infrastructure across the country.
- The NIP will attract investments into infrastructure and will be crucial for attaining the target of becoming a $5 Tn economy by FY 2025.
- Nearly 7,000 projects across different sectors costing above INR 100 Cr per project and totaling INR 111 Lakh Cr have been identified.
- Sectors such as Energy (24%), Roads (18%), Urban (17%) and Railways (12%) amount to around 71% of the projected infrastructure investments in India.
Source: Department of Economic Affairs, Ministry of Finance and India Investment Grid
- An equity infusion of INR 6,000 Cr has been made in the National Investment and Infrastructure Fund (NIIF) Infrastructure Debt Financing Platform to attract debt and equity investments in infrastructure.
Source: Prime Minister’s Office, Ministry of Finance - India Industrial Land Bank (IILB), a GIS-based portal, is a repository of all industrial infrastructure-related information containing approximately 4,000 industrial parks mapped across an area of 5.5 Lakh Ha of land.
Source: Ministry of Commerce & Industry
Reason 04
Rising Global Competitiveness
- India ranks 40th on the Global Competitiveness Index 2023.
Source: International Institute for Management Development - India jumps 6 places to Rank 38 in World Bank’s Logistics Performance Index 2023.
Source: World Bank - 1.35 Bn Indians are covered under Aadhar Scheme, one of the world’s largest social security program.
Source: Press Information Bureau, Government of India - Pradhan Mantri Jan Dhan Yojana, a formalization of savings scheme under which 500 Mn bank accounts have been opened with savings amounting to INR 2,03,505 Cr.
Source: Ministry of Finance, Government of India - Goods and Services Tax (GST), the biggest tax reforms since independence, paves way for a common national market by integrating various indirect taxes.
Source: Government of India
Reason 05
Global Innovation Index 2023
- India climbs to the 40th rank in the Global Innovation Index; a huge leap of 41 places in 8 years.
Source: World Intellectual Property Organization - India ranks #1 in the Central & Southern Asia Region.
Source: World Intellectual Property Organization - India ranks 1st amongst the Lower Middle-Income Economy Group.
Source: World Intellectual Property Organization
Reason 06
Rising economic influence
- Centre of global maritime trade to move from the Pacific to the Indian Ocean Region. India and China will be the largest manufacturing hubs of the world by 2030.
Source: Lloyd’s Register Marine & University of Strathclyde, Glasgow - Connectivity to Central Asia and Europe via the International North-South Transport Corridor (INSTC).
Source: Press Information Bureau, Government of India - Connectivity to Gulf Region via the India-Middle East-Europe Economic Corridor (IMEC).
Source: Press Information Bureau, Government of India - In the next five years, India to have greater economic influence across the Asia-Pacific Region.
Source: Baker McKenzie & Mergermarket Group