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.
Rupee strengthens against dollar amid Trump's reciprocal tariffs
The Indian rupee witnessed sharp gains on Friday at below 85 against dollar, as the dollar index and oil prices dropped sharply amid concerns over recession in the US economy after the reciprocal tariffs were announced.
Sensex, Nifty open lower amid weak global cues post Trump tariffs
Indian frontline indices opened in the red on Friday following global sell-off in the equity markets in reaction to the reciprocal tariffs announced by US President Donald Trump.
Sensex, Nifty open lower as Trump tariffs trigger global sell-off
Indian equity indices opened lower on Thursday following a sharp sell-off in global markets after the US President Donald Trump announcement of reciprocal tariffs.
India stands less impacted by Trump tariffs than global peers: Industry
As US President Donald Trump announced reciprocal tariffs on dozens of countries, including India, industry experts said on Thursday that it appears India's export competitiveness to the US market stands far less impacted on a relative basis compared to global peers.
Sensex, Nifty end higher ahead of US reciprocal tariffs announcement
The Indian stock market bounced back on Wednesday, with both the Sensex and Nifty closing higher, just before the reciprocal tariffs deadline set by US President Donald Trump.
Early April critical for investors’ sentiment amid key economic data: Report
Early April will be critical for market sentiment, with key economic data releases providing insights into global manufacturing, employment trends and economic activity, a report showed on Monday.