Year Ender 2024: India’s indicators on an uptrend, many sectors see rise in global rankings

New Delhi: As the world powers including US and European nations struggle to gather steam to foster sustainable growth and attain financial stability despite strong headwinds, India has been steadily manoeuvring through the challenges, making its mark on many global indicators and also setting an example for other developing economies to follow course.

Having been described as a bright spot in the past by leading economists, India has proven time and again that it’s huge manpower and the economy in an upswing will show the way to the world.

Today, India is the world’s fifth largest economy and is on the way to becoming the world’s third-largest economy soon. Its remarkable improvements in various global rankings over the past decade is a testament of its growing prowess.

Under Prime Minister Narendra Modi’s leadership, the country has taken substantial strides in sectors ranging from logistics to innovation, security, and cyber security.

These achievements over the last ten years have not just improved the country’s global rankings but reimagined India’s role in the global order.

India took a leap of 42 ranks in the Ease of Doing Business Index from 2015 to 2018 by cutting down the red tape and unshackling the industry from multiple bureaucratic hurdles.

This turned the country into an investor-friendly destination. In 2018 again, India jumped from 71st to 29th spot on Global Competitiveness Index. Again in 2022, the country’s aviation industry safety oversight mechanism jumped from 102nd rank to 48th spot, leaving countries like Denmark, Israel and China.

These milestones are a testament to India’s consistent efforts to strengthen its global standing and competitiveness.

In 2024, India’s meteoric rise on the global stage has been nothing short of remarkable, with key rankings and achievements showcasing its growing influence. From securing a spot among the top four nations with the largest foreign exchange reserves to climbing the ranks in the Global Innovation Index, India’s progress under PM Modi’s leadership has been transformative.

Economic Growth & Foreign Reserves

India’s economic growth trajectory under the leadership of PM Modi has been spectacular. In the Logistics Performance Index 2023, India took a leap of 16 spots and became 38th out of 139 countries on the trade efficiency indicator.

This jump underscores India’s growing strength in trade and infrastructure. Also, India has surpassed many developed nations in terms of ship-turnaround time becoming a major centre of global trade. There has been an increase in port capacity, investment in port infrastructure, and improved connectivity of ports under the Sagarmala Project.

Adding to this, India crossed an extraordinary milestone as its foreign exchange reserves surged past $700 billion, placing the nation at the 4th position globally, just behind China, Japan, and Switzerland.

In another impressive achievement, India’s rise in the Global Competitiveness Index 2024 to 39th position highlights the government’s relentless focus on economic reforms, making India a formidable player in the global market.

In the past one decade of PM Modi-led government, the total FDI inflows have risen to $709.84 billion, accounting for 68.69 per cent of the overall FDI inflow in the past 24 years.

In 2024, India became the world’s second-largest producer of crude steel, after China. It also secured the second position globally in mobile phone production, solidifying its status as a major manufacturing hub.

Emerging as an Innovation Leader

The Global Innovation Index 2024 is a clear reflection of this progress, as India surged to the 39th position, up from 81st in 2015, showcasing the country’s transformation into a global hub for innovation.

Further enhancing its technological stature, India climbed 11 spots in the Network Readiness Index 2024, now ranking among the Top 50 countries.

India was ranked 1st in AI talent and ICT services exports, 1st in AI scientific publications, 2nd in FTTH subscriptions and mobile Internet traffic, and 3rd in domestic market scale. This leap underscores the government’s efforts to strengthen digital infrastructure. (IANS)

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