As India celebrates its 75th Republic Day, the nation stands at the threshold of remarkable achievements and ambitious aspirations. Ever since the adoption of the constitution, every child has seen how India has transformed over the years. The Green Revolution brought abundance to farms, the technological boom connected distant corners, and economic liberalisation opened doors to a global stage that people had never imagined. From the accomplishment of ISRO’s Chandrayaan mission, the seamless transactions we place through UPI to our way to possibly becoming a $5 trillion economy is a testament to this transformation. Today, that child lives in all of us, so let’s dedicate this Republic Day to that child in all of us. India’s growth story continues, and the child within, forever tied to the nation’s heartbeat, eagerly anticipates the chapters yet to unfold. This Republic Day let’s take a look back at some of India’s feats that we are proud of but also make our forefathers proud. Dive in as we move from sectors, economic triumphs, vision for the future and our diverse demographic of the youth.
Economic Triumph: The Road to a $5 Trillion GDP
Under the guidance of Union Finance Minister Nirmala Sitharaman, India sets its sights on becoming the world’s third-largest economy by 2027-2028, projecting a GDP exceeding US$ 5 trillion. The nation’s resilience in attracting foreign investment might steer it towards a future of economic excellence.
Infrastructure Triumphs: A Backbone of Progress
India boasts the world’s fourth-largest rail network, moving the second-highest percentage of goods in terms of volume. The warehousing market’s predicted expansion to ₹ 2,872.10 billion by 2027 signifies the nation’s commitment to robust infrastructure development.
Youthful Demographic Dividend: A Driving Force for Growth
With 65% of the population below the age of 35, India is poised to become the third-largest consumer economy by 2030. This demographic dividend positions the nation as a key player in shaping global consumption trends.
A Developed Nation by 2047
Prime Minister Narendra Modi envisions India as a developed country by 2047, showcasing notable resilience in controlling inflation amid global challenges. As the nation navigates through uncertainties.
Agriculture Exports Target: Aiming for New Heights
According to IBEF, India’s agricultural prowess takes centre stage as the nation targets doubling its agriculture exports to an impressive US$ 100 billion by 2030. With an already substantial value exceeding US$ 50 billion, the sector’s growth is not only pivotal for economic prosperity but also a testament to the hard work of millions of farmers across the country.
Insurance Sector Dominance
India is set to lead G20 nations in insurance sector growth until 2028, projecting a robust 7.1% expansion in total insurance premiums, as per a Swiss Re report. The life insurance segment anticipates a 6.7% growth, driven by rising demand for term life coverage in the middle-class segment and increased adoption of Insurtech solutions. Non-life premiums are expected to grow at an annual average rate of 8.3% from 2024 to 2028, fueled by economic expansion, improved distribution channels, government support, and favourable regulatory conditions. While the outlook is optimistic, challenges may arise from macroeconomic factors like high interest rates and inflation.
Diamond Demand Leadership
In the coming year, India is expected to lead in global natural diamond demand, surpassing major buyers like the US and China, according to the Natural Diamond Council (NDC). The NDC, a global authority on natural diamonds, estimates the global diamond market’s substantial size at US$ 100.4 billion. India’s robust financial position and evolving demographics along with the growing economic strength of Indian women can drive the increased demand for natural diamonds. This contrasts with less favourable economic indicators in the US, suggesting a potential delay in diamond purchases’ recovery.
Record-Breaking Luxury Car Sales
With a positive economic outlook and a projected increase in millionaires, India’s luxury market is poised to grow significantly, reaching $200 billion by 2030. According to Forbes India, luxury car sales in India, particularly from brands like JLR, Mercedes-Benz, BMW, and Audi, have experienced significant growth, with sales of Land Rover Defender and other high-end models surging by 72% in 2023. The increasing demand is attributed to a shift in the mindset of younger, affluent buyers who are more open to spending on aspirational experiences. Also, initiatives by manufacturers to widen their presence, introduce new models, and focus on ownership experience contribute to this growth.
According to Invest India, recycling initiatives in India hold the potential to create six times more jobs and generate around ₹14 lakh crore of additional cost savings by 2030. One tonne of plastic is used to make one kilometre of road in India. India has built one lakh kilometres of roads in at least 11 states using discarded plastic. As India marks its 75th Republic Day, these insights paint a vibrant picture of a nation marching confidently towards a future defined by resilience, innovation, and unwavering patriotism. The journey is not just a celebration of achievements but also a testament to the undying spirit that propels India forward. Happy Republic Day!
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