City
Epaper

From Fragile 5 to Top 5: Statistics from 2014 to 2024 show India’s epochal journey

By IANS | Published: April 13, 2024 6:45 PM

New Delhi, April 13 While the Centre and Opposition may spar over the country’s growth trajectory in the ...

Open in App

New Delhi, April 13 While the Centre and Opposition may spar over the country’s growth trajectory in the past few decades, there is no denying the fact that the economy logged a significant uptrend during the Modi government, starting from 2014 to 2024.

The economy, in the past ten years, not only just made into the top five economies of the world but is slated to enter the top three league in the next couple of years. Economic indicators have shown a remarkable jump, GDP growth and exports have seen robust growth while Forex reserves and FDI have also seen a significant rise in the last ten years.

Opposition parties though remain unconvinced with the numbers and allege juggling of data by the ruling party to build a pro-government discourse. However, an analysis of the ‘growth data’ from 2014 to 2024 goes to show how the economy grew in the last ten years, under the Modi government.

Below is the lowdown on data, as existed in 2014 and 2024:

In the fourth quarter of 2014, the GDP growth stood at 4.6 per cent, which rose to 8.4 per cent in the third quarter of 2024. Exports for the financial year 2014 stood at $ 466 billion which rose to $776 billion in financial year 2023.

Forex reserves and Foreign Direct Investment (FDI) in the FY 2014 stood at $303 billion $ 36 billion respectively. Both soared to new highs and more than doubled in 10 years to $645 billion and $83.5 billion respectively.

Inflation and Current Account Deficit, the other crucial indicators declined from 8.7 per cent and 5.1 per cent to 4.8 per cent and 1.2 per cent respectively, in the last ten years.

Other set of data related to interest rates also goes on to show how the common man benefitted from the significant drop in rates.

As per data, the education loan which stood at 14.25 per cent in 2014 has now lowered down to 8.15 per cent. Loans like house loan, auto loan and personal loan, all have taken a dip in the last 10 years.

House loan and Auto loan stood at much above 10 per cent before 2014 but today they are in the range of 7-8 per cent. Personal loan during 2014 was 14.25 per cent and has now slumped to around 10.50 per cent.

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Open in App

Related Stories

NationalLawrence Bishnoi’s Gang Members Arrested for Planning To Attack Salman Khan in Panvel

Other SportsT20 World Cup: Australia captain Marsh to play against Oman as pure batter

NationalNo animal sacrifice performed as claimed by K'taka DyCM, Kerala Minister reiterates

NationalWhy the Ambani’s Chose July 12 for Anant Ambani-Radhika Merchant Wedding

Other SportsTwo of the three bids to host the World Chess Championship is from India

Business Realted Stories

BusinessNewsReach Launches "Crafting Bharat - A Startup Guide: Podcast Series," Powered by AWS Startups

BusinessN.S. Venkatesh to Spearhead Athachi Finserv

BusinessIIFL Securities hires top Private Bankers to transform its Wealth Business

BusinessHealthCare Global Enterprises Ltd. Reports Q4 & FY24 Results

BusinessCommercial LPG gas cylinder gets cheaper by Rs 69.50 in Delhi