India's Strategic Vision: Transforming into a Global Land of Opportunities

Key Highlights of India’s Economic Growth and Strategic Progress

Global Competitiveness:

• Ranks 39th in the Global Competitiveness Index (2024).
• Climbed to 38th in the World Bank’s Logistics Performance Index (2023).

Infrastructure Development:

• Initiatives like the National Infrastructure Pipeline aim to achieve a USD 5 trillion economy by FY 2025.
• The India Industrial Land Bank maps ~4,000 industrial parks across 5.5 lakh hectares.

Innovation & Technology:

• Ranks 39th in the Global Innovation Index (2024), a 42-place improvement in 9 years.
• Leads in the Central & Southern Asia region and Lower Middle-Income Economy Group.

Strategic Connectivity Initiatives:

• INSTC connects India with Central Asia & Europe.
• IMEC strengthens trade ties with the Gulf region.

Demographic Advantage:

• Holds the world’s largest youth population.
• The Aadhaar Scheme covers 1.35 billion individuals, showcasing digital inclusion.

Financial Inclusion & Reforms:

• Pradhan Mantri Jan Dhan Yojana: 540 million bank accounts opened, savings of USD 28 billion (INR 237,574.54 crore).
• Goods and Services Tax (GST) continues streamlining India’s economic structure.

Future Outlook:

• India is set to expand its economic influence across the Asia-Pacific region in the next five years.

A Rapidly Growing Economic Powerhouse

India stands as one of the fastest-growing economies globally, with total FDI inflows reaching an impressive USD 1 trillion between April 2000 and September 2024. Of this, FDI equity inflows accounted for USD 708.65 billion during the same period.

In a bid to bolster economic resilience, a special economic package worth over USD 270 billion—equivalent to 10% of the nation’s GDP—was introduced under the self-reliance initiative, showcasing India's commitment to fostering domestic growth.

For the fiscal year 2023-24, the country recorded an estimated GDP growth rate of 8.2%, further solidifying its position as a global economic leader.

Transforming Infrastructure for Economic Growth

India's ambitious infrastructure development journey includes launching a first-of-its-kind initiative to create world-class infrastructure to drive economic progress. The National Infrastructure Pipeline (NIP) identifies over 9,700 projects, with investments exceeding USD 3,093.51 billion, positioning infrastructure development as a key pillar in achieving the goal of a USD 5 trillion economy by FY 2025.

Energy (24%), roads (18%), urban development (17%), and railways (12%) account for 71% of the projected investments, showcasing a balanced approach to sectoral growth. To further boost funding, an equity infusion of USD 707.13 million (INR 6,000 crore) has been made in the Infrastructure Debt Financing Platform to attract debt and equity investments.

India also leverages advanced technology with tools like the GIS-based India Industrial Land Bank, which maps approximately 4,000 industrial parks across 5.5 lakh hectares, offering vital industrial infrastructure data to potential investors.

Strengthening India's Global Competitiveness

India continues to strengthen its position on the global stage, ranking 39th in the Global Competitiveness Index 2024 and achieving a significant jump to 38th place in the World Bank's Logistics Performance Index 2023. These improvements reflect the country's ongoing efforts to enhance economic efficiency and infrastructure.

The Aadhaar Scheme, one of the largest social security programs globally, provides unique identification to 1.35 billion individuals, driving digital inclusivity. Complementing this is the Pradhan Mantri Jan Dhan Yojana, which has formalized savings through the opening of 540 million bank accounts, amassing savings of over USD 28 billion (INR 237,574.54 crore).

Additionally, the Goods and Services Tax (GST), India’s landmark tax reform, continues to streamline the taxation process, fostering a unified and competitive economic environment.

Advancing in Global Innovation

India achieves a significant milestone by climbing to the 39th rank in the Global Innovation Index 2024, marking a remarkable leap of 42 places over the past nine years.

The country also holds the top position in the Central & Southern Asia region and ranks first among the Lower Middle-Income Economy group, highlighting its growing influence in the global innovation landscape.

Expanding Economic Influence

India is set to become a central player in global maritime trade as the focus shifts from the Pacific to the Indian Ocean region. By 2030, India and China will emerge as the world’s leading manufacturing hubs.

Strategic connectivity initiatives like the International North-South Transport Corridor (INSTC) link India to Central Asia and Europe, while the India-Middle East-Europe Economic Corridor (IMEC) strengthens ties with the Gulf region.

Over the next five years, India is poised to enhance its economic influence across the Asia-Pacific region, solidifying its role as a significant regional and global economic force.

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Note: *1 United States Dollar equals 84.85 Indian Rupees