India’s Growth Journey
Prime Minister Narendra Modi, now the third longest serving leader in India’s history, is celebrating his 75th birthday. Beyond political milestones, his decade in office has been marked by an economic transformation that has put India on the global stage. Under his leadership, India’s GDP has grown steadily, making the country the fourth largest economy in the world after the United States, China, and Germany, with a GDP of 4.19 trillion dollars.
Strong GDP and GVA Performance
Since 2014, India’s GDP has expanded at an average rate of 6.5 percent annually. Despite the setback of the pandemic year in 2020 when growth fell to negative 5.8 percent, the economy bounced back strongly. Nominal GDP has tripled, rising from 106.57 lakh crore rupees in 2014-15 to 331.03 lakh crore rupees in 2024-25. Gross Value Added has also nearly doubled in this period, moving from 1.88 trillion dollars to 3.55 trillion dollars.
Exports Rise but Manufacturing Struggles
Exports have surged under Modi’s premiership. Overall exports grew 67 percent in the last decade, touching 778.21 billion dollars in 2023-24, with services exports more than doubling. Merchandise exports too have climbed significantly. However, the manufacturing sector has remained a persistent challenge. Despite major initiatives such as Make in India, its share of Gross Value Added has only inched up from 17.2 percent in 2013-14 to 17.5 percent in 2023-24.
Stock Market Boom
Perhaps one of the most striking achievements under Modi has been the explosive rise of the Indian stock markets. When he took oath in May 2014, the Nifty index was at 7,360 and today it trades above 25,100. Similarly, the Sensex has climbed from 24,690 to over 82,000, delivering gains of over 230 percent. This market rally reflects investor confidence in India’s growth story and policy stability.
Inflation Under Control
Inflation has largely stayed within a band of 4 to 6 percent during Modi’s leadership, barring a spike to 6.7 percent in 2022 due to global disruptions. Overall, stability in inflation has supported consumption and investment.
Employment and Job Creation
Job creation has been another area where the government claims major progress. According to official figures, employment has risen by 36 percent in a decade, from 47.15 crore in 2014-15 to 64.33 crore in 2024-25. The unemployment rate has also dropped to 3.2 percent in 2023-24, while the labour participation rate has risen significantly. As of July 2025, India’s unemployment rate was at 6.8 percent, the lowest in nearly three years.
The Road Ahead
As Modi steps into his 76th year, the Indian economy continues to face challenges in manufacturing growth, rising global uncertainties, and the need for sustainable job creation. However, the achievements of the last decade in GDP growth, exports, stock market performance, and employment indicate that India’s economic fundamentals remain strong.
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