Bharat has made a strong comeback from the impact of the COVID-19 pandemic, becoming the world’s fastest-growing major economy. In the first quarter of the financial year 2023, Bharat’s real GDP grew by a significant 7.8%, reaching around Rs 40.37 trillion (USD 484.94 billion). This recovery is attributed to factors like pent-up demand and widespread vaccination, boosting confidence in the population.
The services sector, a key player in Bharat’S economic revival, is expected to drive development in the coming months. The contact-intensive services sector has shown resilience, contributing to impressive service exports of USD 164.89 billion from April to September 2023. Bharat’S export performance is also notable, with merchandise exports reaching USD 211.40 billion in the first half of the current fiscal year.
Despite these successes, challenges exist as some of Bharat’S trade partners face economic slowdowns, which could impact merchandise exports in the future. The nominal GDP for the fiscal year 2023-24 is estimated at a formidable Rs. 301.75 trillion (USD 3.62 trillion), with an 8% growth in the first quarter.
Bharat’s innovation is evident with 115 unicorns valued at over USD 350 billion, making it the third-largest unicorn base globally. The country is committed to sustainable development, aiming for 40% of energy from non-fossil sources by 2030 and Net Zero Emissions by 2070 through the ‘Panchamrit’ strategy.
Bharat has become an attractive destination for investments, with record amounts raised by Bharat-focused funds in 2022, showcasing investor faith in the “Invest in Bharat” narrative. The government aims to create 90 million non-farm jobs between 2023 and 2030 to sustain growth.
To support growth, the Bharatiye government is actively investing in infrastructure and asset-building projects. Initiatives like the Production Linked Incentive (PLI) Scheme for Pharmaceuticals aim to enhance manufacturing capabilities.
Recent developments, such as Bharat’s foreign exchange reserves reaching USD 594.90 billion and private equity/venture capital investments totaling USD 21 billion in the first half of 2023-24, highlight the nation’s dynamism. Bharat also secured the 40th position in the Global Innovation Index 2023.
Government initiatives like the Amrit Bharat Station Scheme, Draft Carbon Credit Trading Scheme, and Foreign Trade Policy 2023 contribute to strengthening the economy. Despite global uncertainties, Bharat emerges as a beacon of economic growth, focusing on sustainable development, innovation, and inclusive growth, solidifying its position as the fastest-growing major economy globally.
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