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.
Indian share market ends in red ahead of key global policy decisions
Ahead of key policy decisions especially from the US Federal Reserve, the Indian stock market closed in red on Tuesday as selling was seen in the PSU bank, auto, IT, financial service, pharma, FMCG, metal, and realty sectors of Nifty.
Buy on dips strategy working well in Indian stock market amid sharp rebound
The surge in the Indian stock market on Friday helped the Indian benchmark indices end the week on a positive note. A strong 2,000-point rebound from the lows suggests that the buy-on-dips strategy is working well in the market, experts said on Saturday.
India’s GDP growth to hold steady in FY25, likely to clock 6.7 pc in FY26
India's economic growth will continue to hold steady in FY25 despite global uncertainties, with a projected GDP at 6.7 per cent in FY26, a report showed on Friday.
Sensex closes at 82,133 after 2,000 pts rally from day low
According to the experts, "Currently, the market is anticipating a revival in consumer spending, driven by the festive season and year-end holidays, adding to the sentiments. Additionally, an expectation of an increase in the US spending is propelling the IT sector."