Big Bang numbers give a good account of Indian economy

India’s exports grew by 5.5 per cent to $21.2 billion, resulting in a trade surplus of $300 million. Exports are now all set to surpass $800 billion this fiscal year

Prime Minister Narendra Modi on Tuesday released the Big Bang Numbers on the Indian economy as part of his bi-weekly Bharat newsletter for the fortnight of July 15-31 on the Namo app.

The newsletter highlighted that India’s market cap has hit a record $5.5 trillion while the construction of the world’s highest tunnel was launched by the Prime Minister at Shinkun La on the state boundary between Ladakh and Himachal Pradesh.

Some highlights also include:

*Indian MSMEs created over 20.5 crore jobs in 4 years while 39 per cent of MSMEs in the country are now owned by women; *1.4 lakh recognised startups generating 15.5 lakh jobs; *Employment in India rose by 35 per cent to 64.33 crore over the last six fiscal years; *The manufacturing sector (formal and informal entities) saw an 85 lakh increase from 2017-18 to 2022-23 in employment opportunities; *India’s exports grew by 5.5 per cent to $21.2 billion, resulting in a trade surplus of $300 million. Exports are now all set to surpass $800 billion this fiscal year.

In June, India’s electronic goods exports rose 16.9 per cent to $2.82 billion; *In Q1 2024-25, Apple iPhone exports reached $3.8 billion, 79 per cent of India's FOB value; *India's trade deficit has narrowed to $20.98 billion in June from $23.78 billion in May; *India’s outward (FDI) commitments rose to $2.14 billion in June 2024, compared to $1.14 billion in June 2023; *India Inc. raised Rs 32,619 crore from overseas bonds in 2024. Meanwhile, FPI infused Rs. 30,772 crore into the Indian markets; *India's card payments market is set to surge 11.3 per cent in 2024, reaching Rs. 28.4 trillion; *GCCs completed 6,667 leasing deals, marking a 16 per cent increase in India; *About six crore ITRs were led for FY24; 70 per cent under the new tax regime; *Domestic air passenger traffic rose 5.76 per cent to 13.2 million in June from 12.4 million last year.

Retail sales of automobiles rose nine per cent in Q1 FY25 to 6.2 million units, up from 5.7 million units in Q1 FY24; *Porsche India sales grew by 40 per cent in the January-June period. From 2018-2023, BMW India set records in H1 2024 with sale of 7,098 cars, 3,614 bikes and 2,000 EVs.