As India celebrates its 75th year of independence, we look at the economy report card for the world's largest democracy. India is holding the mantle of the world's fastest-growing economy coming out of the pandemic but that is not the only glory the subcontinent has to celebrate-:
- Growth: Major forecasters, including the RBI, have put the GDP growth estimates for the current fiscal at over 7 per cent, higher than the growth rate of any major economy. In comparison, China is expected to merely grow at a pace of 3.3%, the lowest level in more than 40 years.
- Forex Reserves: In a world of global turmoil a war chest of forex reserves has made India shine amongst faltering neighbours. From being perennially starved of foreign exchange and on the brink of bankruptcy in 1991 to now holding the fourth-highest stock of reserves which stands at $600 billion on average.
Independence Day 2022: The changemakers of Independent India | India@75
- India's Techade: Solidifying its place as a software outsourcing powerhouse exports are now nearly to the tune of $200 billion.
- Climate Champions: Despite the covid setback, the economy is racing ahead with new shades of green. Keeping on track with net zero ambition - India has finalised that 50% of its electricity to come from non-fossil fuel sources by 2030.