On Tuesday, August 6, Prime Minister Narendra Modi released significant economic statistics and achievements in his Bi-Weekly Bharat newsletter for the fortnight of July 15-31, available on the Namo app. This newsletter, termed "Big Bang Numbers on the Indian Economy," highlighted several key accomplishments and growth metrics across various sectors of the Indian economy.
Record Market Capitalization and Infrastructure Development
- Market Capitalization: India's market cap has reached an unprecedented $5.5 trillion, showcasing the growing investor confidence and robust performance of Indian markets.
- World’s Highest Tunnel: PM Modi inaugurated the construction of the world’s highest tunnel at Shinkun La, located at the boundary between Ladakh and Himachal Pradesh. This infrastructure project is expected to enhance connectivity and boost regional development.
Employment and Startup Growth
- MSME Job Creation: Indian Micro, Small, and Medium Enterprises (MSMEs) have created over 20.5 crore jobs in the past four years. Additionally, 39 percent of MSMEs are now owned by women, indicating significant progress in gender inclusivity.
- Startup Ecosystem: India has 1.4 lakh recognized startups that have collectively generated 15.5 lakh jobs, reflecting the vibrant entrepreneurial environment and support for innovation.
Employment Increase and Manufacturing Sector Growth
- Overall Employment: Employment in India has risen by 35 percent to 64.33 crore over the last six fiscal years.
- Manufacturing Sector Employment: The manufacturing sector, encompassing both formal and informal entities, saw an increase of 85 lakh employment opportunities from 2017-18 to 2022-23.
Export Growth and Trade Balance
- Exports and Trade Surplus: India's exports grew by 5.5 percent to $21.2 billion, resulting in a trade surplus of $300 million. Projections indicate that exports are set to surpass $800 billion this fiscal year. Notably, electronic goods exports in June rose 16.9 percent to $2.82 billion.
- Apple iPhone Exports: In Q1 2024-25, Apple iPhone exports reached $3.8 billion, accounting for 79 percent of India’s Free on Board (FOB) value.
- Trade Deficit: India's trade deficit narrowed to $20.98 billion in June from $23.78 billion in May.
Foreign Direct Investment (FDI) and Financial Markets
- FDI Commitments: India’s outward FDI commitments rose to $2.14 billion in June 2024, compared to $1.14 billion in June 2023.
- Overseas Bonds and Foreign Portfolio Investment (FPI): Indian companies raised Rs 32,619 crore from overseas bonds in 2024, while FPIs infused Rs 30,772 crore into Indian markets.
- Card Payments Market: The card payments market in India is projected to grow by 11.3 percent in 2024, reaching Rs 28.4 trillion.
- Global Capability Centers (GCCs): GCCs completed 6,667 leasing deals, marking a 16 percent increase in India.
Taxation and Air Traffic
- Income Tax Returns (ITRs): About 6 crore ITRs were filed for FY24, with 70 percent of these under the new tax regime.
- Domestic Air Passenger Traffic: Domestic air passenger traffic rose 5.76 percent to 13.2 million in June from 12.4 million last year.
Automobile Sales
- Retail Sales: Automobile retail sales increased by 9 percent in Q1 FY25 to 6.2 million units, up from 5.7 million units in Q1 FY24.
- Luxury Car Market: Porsche India sales grew by 40 percent in the January-June period. Additionally, BMW India set records in H1 2024 with sales of 7,098 cars, 3,614 bikes, and 2,000 electric vehicles (EVs) from 2018-2023.
Conclusion
The newsletter highlights the dynamic growth and resilience of the Indian economy across multiple sectors. These impressive figures reflect the government’s commitment to economic development, innovation, and infrastructure enhancement, positioning India as a significant player on the global economic stage.
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Economy & Market