In 2024, India has registered growth in the economic landscape with key rankings and achievements.
The country has managed to secure a spot among the top four nations with the largest foreign exchange reserves and also climbed the ranks in the Global Innovation Index (GII).
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India ranked 39th out of 133 economies in the 2024 Global Innovation Index, an improvement from 40th in 2023.
The trade efficiency has also increased with India’s jump in the Logistics Performance Index 2023 improving by a remarkable 16 places, now ranking 38th out of 139 countries. This leap underscores India’s growing strength in trade and infrastructure.
Further, India has also 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.
Notably, the turnaround time for ships at India’s major ports has come down by as much as 48.65% from 93.59 hours in 2013-14 to 48.06 hours in 2023-24.
India also secured the second-largest producer of crude steel globally, after China. It also secured the second position globally in mobile phone production, solidifying its status as a major manufacturing hub.
Another milestone on th global platform for India was that the foreign exchange reserves have surged past USD 700 billion, placing the nation at the 4th position globally, just behind China, Japan, and Switzerland.
In the Global Competitiveness Index 2024, India rose to 39th position.
In terms of total FDI inflows over the last decade (April 2014 to September 2024), it amounted to $709.84 billion, accounting for 68.69% of the overall FDI inflow in the past 24 years.
Over the years, India has also been active in upgrading its digital infrastructure. In the Global Cybersecurity Index 2024, the country secured Tier 1 status, and scored 98.49 out of 100 which places it among the top countries in the world for cybersecurity readiness.
In terms of tourism, one of India’s most crucial sectors in terms of economic prosperity, the country ranked 39th in the Travel and Tourism Development Index (TTDI) 2024.
Initiatives like Incredible India and Dekho Apna Desh have boosted both domestic and international tourism, showcasing India’s rich cultural and natural heritage.
