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The Indian growth story has been famously dubbed the ‘Amrit Kaal’ by leaders and ministers alike. Reports also claim that India will have a developed economy by 2047. So what really happened in a decade and what is happening now? According to data, India is rapidly growing and seeing a transformation in its economic stature led by sectors such as housing, tourism, hospitality, trade etc. Let’s decode the Indian growth story between 2014 and 2024 and evaluate the economic evolution by sector.

 

Growth of Housing Market

The Housing market has seen a rise as people are buying homes faster as compared to in 2013. Housing sector loans have risen from 5.39 lakh crores to 18.44 lakh crores.

This means that more people are buying houses that demonstrate greater spending ability and confidence in their future incomes.

Rise in Air Travel

Incomes have improved, and people now prefer using air travel as a mode of transportation. This is evident from the rise in the number of airports from 74 in 2014 to 148 in 2024. Airlines have also expanded their fleet to cater to the growing Indian market, from 395 aircraft in 2013 to 714 aircraft in 2024; the aviation sector is growing rapidly.

 

Financialisation of Savings

With increased per capita incomes, people have more savings and are investing more, which means more money is available in the market. This flow helps finance new infrastructure projects and loans to set up new industries for new players. The Indian equity market added around 15.69 million investors in 2023, with Uttar Pradesh leading the group with 2.31 million, outgrowing Maharashtra.

 

BSE Market Cap

The Bombay Stock Exchange has a market cap of $4 trillion and has recently become the 5th largest exchange. This is a testament to the growing Indian equity market, which jumped from $1.1 trillion in 2013 to $4 trillion today. Mutual Funds have seen a sharp spike from 8.25 lakh crores to 50 lakh crores today. 

 

Fifth largest GDP

We have the fifth-largest GDP in the world today, valued at $3.75 trillion, having gone from the fragile five in 2013 to the fifth-strongest economy in 2024. According to experts, India is growing at a steady pace and will be the world’s third-largest economy by 2030.

 

Growth of Infrastructure

Infrastructure has been a major driver of growth in the last decade. In 2014, the total length of highways in India was 91287 kilometres, which has grown to 146145 kilometres and counting today. The construction speed has also improved from 9 km of highways per day to 36 kilometres per day. These roads have connected remote regions with the economic hubs and helped boost value creation, boost exports, and secure vital foreign reserves earned through exports.

 

All time High Foreign Exchange Reserves

Foreign reserves are the foreign currency available to a country’s central bank. They rose from $292 billion in 2013 to $619 billion in 2024, a rise of 112%. High foreign exchange reserves allow greater leverage against market volatility and help keep the markets stable through a constant supply of currency. They also help ensure that the country is able to meet its debt obligations and foreign liabilities.

 

The Modi Decade

PM Modi has been leading the government since 2014 and has been at the forefront of implementing new policies and programmes aimed at alleviating poverty, boosting incomes, developing infrastructure, and promoting exports. 

The decade of NDA rule has been dubbed as the ‘Amrit Kaal’ (golden age) due to a rise in incomes, GDP and the rising stature of India at the global level. BJP likes to take credit for these developments and believes this growth trajectory has been possible primarily due to the policies brought in by the Modi government.

As the Prime Minister eyes a third term, the world watches keenly as India charts its path to becoming a superpower.

 

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