BUILDING INDIA'S FUTURE

India's 2024 economic growth was driven by advancements in trade, infrastructure, telecom, green energy, and manufacturing, emphasising sustainability, innovation, and efficiency, with plans for enhanced reforms and investments in 2025

- By ASHISH SINHA

INDIA'S trade and commerce activities in 2024 witnessed robust growth, driven by record merchandise and services exports, and supported by Free Trade Agreements (FTAs) with key global markets. Strategic initiatives, such as improving logistics efficiency, promoting domestic manufacturing, and reducing import dependency, have strengthened India's position as a global trading hub and boosted economic resilience.

India's economic growth in 2024 has been marked by transformative initiatives across infrastructure, telecom, transportation, and manufacturing, underscoring the government's commitment to fostering innovation, sustainability, and connectivity.

The Ministry of Road Transport and Highways (MoRTH) achieved significant milestones, constructing 56,700 km of national highways over the past decade and operationalising 4,693 km of high-speed corridors by December 2024. A shift to a corridor-based highway development approach, focusing on logistics efficiency and user convenience, aims to enhance India's road infrastructure, with 50,000 km of high-speed corridors identified to support the nation's goal of a $30-trillion economy by 2047. Major expressways, including the Delhi-Mumbai and Bengaluru-Chennai, are set for completion in 2025, complementing the introduction of satellite-based toll collection systems for seamless travel.

In telecommunications, the enactment of the Telecommunications Act, 2023 modernised regulatory frameworks and accelerated 5G deployment, now accessible in 779 of 783 districts. Spectrum auctions in June 2024 and the Production Linked Incentive (PLI) scheme bolstered domestic telecom manufacturing, resulting in a fivefold increase in sales since FY 2019-20.