As the world economy navigates through uncertain times, India has emerged as a beacon of stability and growth, cementing its position as the next global superpower. Driven by a multitude of factors, India’s rise is undeniable, captivating the attention of investors and businesses worldwide.
Defence
One of the key pillars of India’s economic prowess is its thriving defence sector. In 2024, India’s defence budget reached a record high of $72.6 billion, a 10% increase from the previous year. This investment in military capabilities has not only strengthened the country’s security but also catalysed the growth of its domestic defence manufacturing industry. The “Make in India” initiative has fostered the development of indigenous defence technologies, positioning India as a global player in the arms and equipment market.
Demographic Dividend
India’s demographic dividend is another significant advantage that sets it apart. With a median age of just 28.7 years, India boasts a young and dynamic workforce that is driving innovation and productivity across various sectors. This large, skilled, and cost-effective labor pool has made India an attractive destination for multinational corporations seeking to expand their operations.
Positive Policy changes and Political Stability
Alongside its economic and demographic strengths, India’s policy changes and political stability have further cemented its appeal to global investors. The government’s pro-business reforms, such as the implementation of the Goods and Services Tax (GST) and the liberalisation of foreign direct investment (FDI) norms, have created a more conducive environment for businesses to thrive.
The country’s political stability, marked by a strong and decisive leadership, has also instilled confidence in the international community. The government’s commitment to infrastructure development, ease of doing business, and the promotion of sustainable practices have all contributed to India’s growing attractiveness as an investment destination.
GDP and GST collection
The data speaks for itself: India’s GDP growth rate is projected to reach 7.5% in 2023-24, outpacing many of the world’s major economies. The GST collections for the period of January to March 2024 have surged to a staggering ₹4.2 lakh crore, reflecting the expansion of the formal economy. The manufacturing sector has witnessed a growth rate of 6.2% in 2024, with the industry expected to reach a value of US$150 billion by the end of the fiscal year 2024-25.
Start-up Eco System
In 2024, the Indian startup ecosystem is poised for a rebound, with expectations of increased funding, public listings, and profitability. The total capital invested in Indian startups between 2014 and H1 2023 amounted to a substantial $141 billion, reflecting the robust investment landscape in the country. Additionally, the startup ecosystem in India is ranked 20th in the world according to the Global Startup Ecosystem Index ranking, underscoring the nation’s position as a key player in the global startup arena. India’s startup ecosystem is projected to witness further growth and development in 2024, with a focus on fostering innovation, entrepreneurship, and sustainable business practices.
Tourism
The tourism and hospitality industry is also experiencing a renaissance, with hotel occupancy rates reaching 70% and average room rates increasing by 10% in 2024. The country is poised to welcome a record 35 million international tourists by 2028, further bolstering the sector’s growth.
Digitisation
Digital payments have become ubiquitous in India, with mobile travel sales projected to grow at a remarkable CAGR of 75% from 2021 to 2024. This surge in digital transactions underscores the country’s technological advancements and the growing preference for cashless payments among consumers.
Air Traffic
Air traffic in India has soared to new heights, with domestic passenger numbers surpassing pre-pandemic levels in 2024. The aviation sector is expected to maintain a growth rate of 12% annually over the next five years, reflecting the increasing demand for air travel within the country.
Road Infrastructure
India’s road infrastructure has undergone a remarkable transformation in recent years, with the government’s relentless efforts to expand and modernize the national highway network. According to official data, the pace of national highway construction has increased consistently, from 12.1 km per day in 2014-15 to an impressive 34 km per day in 2023-24. This unprecedented rate of construction has led to the addition of almost 50,000 km of national highways over the past 9 years, bringing the total length to 146,145 km as of November 2023
Rail and Airport Connectivity
India’s rail connectivity has witnessed a remarkable transformation, with ambitious projects like the Mumbai-Ahmedabad Speed Rail Corridor and the world’s highest pier bridge and railway bridge in Jammu & Kashmir. As of December 2023, the total Broad Gauge network spans 61,508 km, with electrification progress. The introduction of 35 indigenous Vande Bharat Express trains, serving up to 247 districts, has enhanced passenger travel efficiency. In parallel, the aviation sector is expanding rapidly, with the inauguration of five new airports in Uttar Pradesh – Azamgarh, Aligarh, Moradabad, Chitrakoot, and Shravasti. These developments are set to bolster air connectivity and economic growth, aligning with the government’s vision to enhance transportation networks and promote regional development
India’s Ascent in Space Exploration
India’s space program has emerged as a source of national pride and a testament to the country’s technological prowess. The Indian Space Research Organisation (ISRO) has been at the forefront of this endeavor, achieving remarkable milestones in recent years. In 2024, ISRO successfully launched its first manned mission, Gaganyaan, sending Indian astronauts into space, a significant step towards India’s human spaceflight capabilities. Additionally, India’s Mars Orbiter Mission, also known as Mangalyaan, completed 8 years in orbit around the Red Planet in 2024, making it the longest-running Mars mission by a developing country. The country’s space program has also made strides in the commercial space sector, with the launch of numerous satellites for both domestic and international clients, further solidifying India’s position as a global leader in space technology. With ambitious plans to explore the Moon, Mars, and beyond, India’s space program continues to inspire the nation and captivate the world, showcasing the country’s scientific and engineering capabilities on the global stage.
Renewable Energy
India’s energy landscape is undergoing a significant transformation, with renewable energy sources playing a pivotal role in shaping the country’s power generation mix. As of 2024, India’s total installed power capacity has reached 450 GW, with renewable energy accounting for an impressive 45% of this capacity. The renewable energy sector in India has witnessed substantial growth, with solar power capacity standing at 125 GW and wind power capacity at 70 GW. The government’s commitment to renewable energy is evident in its target of achieving 500 GW of non-fossil fuel-based energy capacity by 2030, with significant investments and policy support driving the sector’s expansion. Solar and wind energy are projected to drive two-thirds of India’s power generation growth by 2032, marking a shift towards cleaner and more sustainable energy sources. The country’s ambitious renewable energy targets, coupled with increasing investments and advancements in solar and wind technologies, position India as a key player in the global clean energy transition, paving the way for a greener and more sustainable energy future.
Sports
Sports in India are a powerhouse of growth and national pride, with a rich tapestry of achievements across various disciplines. India’s success in sports is exemplified by its performance at the Olympics, where the country secured its highest-ever medal tally of 7 medals in Tokyo 2020. In cricket, India consistently ranks among the top teams globally, holding the 2nd position in the ICC Test rankings and the 3rd position in the ICC ODI rankings. The women’s national cricket team has also been making significant strides, with impressive performances in recent international tournaments. The resurgence of Indian hockey is evident, with the men’s team climbing to the 3rd rank
In conclusion, India’s multifaceted strengths – from its thriving defense sector and demographic dividend to its policy changes and political stability – have positioned it as the next global superpower. With its robust economic indicators, burgeoning industries, and a conducive business environment, India is poised to captivate the world’s attention and emerge as a true leader in the global arena. This is just the GLIMSE OF THE HORIZON. This is the INDIA that TAKES DOWN GOLIATH!