Monday, May 27, 2024

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


Share post:


Shillong, April 14: 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. (IANS)


Related articles

Big fish facing the law today because of govt’s zero-tolerance policy against corruption: PM Modi

  New Delhi, May 27:Prime Minister Narendra Modi, in an exclusive conversation with IANS on Monday, spoke on a...

Unraveling the myth: Experts debunk ‘absurdity’ of EVM hack theories

  New Delhi, May 27: Following the sixth phase of voting in the Lok Sabha polls, as the Congress-led...

Garo groups, clans, senior citizens want status quo on JRP

    Tura, May 27: Organizations from all five districts of Garo Hills along with the all Garo Mahari Association...

Mallangkona residents up in arms over iron ore mining in area

  Biplab Kr Dey Mallangkona, May 27: Residents of Mallangkona in the district of West Khasi Hills have raised serious...