Prime Minister Narendra Modi has released the BigBang numbers on the country's economy. India's exports are all set to surpass $800 billion in FY25, while the country's employment increased by 35% to 64.33 crore in the past six financial years. The numbers are highlighted in PM's Bi-Weekly Bharat newsletter on the NAMO app for a fortnight from July 15-31.
Here are some of the key highlights of the newsletter:
- India's services activity remained robust during July, as the HSBC India Services Business Activity Index or services PMI came in at 60.3. The data of S&P mentioned that the monthly services activity index was above the 60 mark for the seventh consecutive month in July, as new business gains and rosy demand acted as the main drivers of the growth.
- India witnessed a 9% growth in foreign tourist arrivals (FTA) from January to May this year to 40.72 lakh tourists, compared to 37.32 lakh tourists in the corresponding of the previous year.
- Retail automobile sales in the country registered a 13.84% surge in July 2024, with significant growth in two-wheelers, three-wheelers and passenger vehicles.
- UPI transactions recorded a whopping 36% growth to Rs 60 lakh crore in the first quarter of FY24. About 4,122 crore UPI transactions were carried out between April - June of 2024.
- India has executed Bilateral Air Services Agreements with a total of 116 foreign countries. The agreements facilitate the operation of international flights between India and these nations, aiming to boost global connectivity and support economic and tourism growth.
- India has progressed in electronic sports, with a 16.9% growth to $2.82 billion in Q1 of FY25. PM Modi said, "India's prowess in electronics is powered by our innovative 'YUVA Shakti'." Apple iPhone exports touched $3.8 billion, recording a whopping 79% growth of India's FOB value in Q1.
- Meanwhile, the country logged a trade surplus of $300 million in Q1, driven by total exports which jumped by 5.5% to $21.2 billion. PM Modi is confident that exports are set to surpass $800 billion this fiscal year.
- India's trade came in at $23.78 billion in June, narrowing compared to a deficit of $23.78 billion in the previous month.
- India's outward aka FDI commitments increased to $2.14 billion in June 2024, nearly double of $1.14 billion in June of last year.
- While card payments market in India is likely to surge 11.3% in 2024, touching Rs 28.4 trillion.
- Furthermore, India Inc raised a whopping Rs 32,619 crore from overseas bonds so far in 2024. While foreign portfolio investors have pumped in Rs 30,772 crore in stock market.
- India's stock market has touched record valuation of $5.5 trillion so far.
- Moreover, India's medium, small and micro enterprises (MSMEs) generated an impressive 20.5 crore jobs in 4 years . Noteworthily, 39% of the MSMEs are owned by women in India.
- Coming to the employment in India, it increased by 35% to 64.33 crore over the last six years. In regards to manufacturing, the sector recorded surge of 85 lakh employment opportunities from 2017-18 to 2022-23.
- There has been consistent rise in taxpayers filing their returns as well. In FY24, somewhat 6 crore ITRs were filed, of which, 70% were under the new tax regime.
- Also, domestic air passenger traffic increased by 5.76 per cent to 13.2 million in June from 12.4 million a year ago same.
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