IND NEWS: India’s Economic Leap Forward:

---

Business Achievements Transform Global Standing
ICCUSA | April 27, 2025

Under the leadership of Prime Minister Narendra Modi, India has solidified its position as a global economic powerhouse through transformative business reforms and initiatives. Over the past decade, Modi’s policies have driven unprecedented growth, attracting investments and fostering innovation. 

Highlights:

1. Goods and Services Tax (GST): Unifying India’s Economy
   Launched in 2017, the GST revolutionized India’s tax landscape by replacing 17 indirect taxes with a single, streamlined system. This reform simplified compliance for 1.4 crore registered businesses and reduced logistics costs by 10-12%, saving billions annually. In April 2024, GST collections hit a record ₹2.10 lakh crore, reflecting robust economic activity. The reform has enhanced India’s ease of doing business, earning praise from global investors. Source: PM India. 
2. Make in India: A Manufacturing Revolution
   Celebrating its 10th anniversary in 2024, the Make in India initiative has transformed India into a manufacturing hub. With $667 billion in FDI inflows from 2014-2024—a 120% increase from the prior decade—India’s manufacturing sector now contributes 17% to GDP. Electronics production soared to $155 billion annually, positioning India as a global supply chain leader. This achievement aligns with the Chamber’s mission to foster US-India trade. Source: Invest India. 
3. Digital India and UPI: Powering Financial Inclusion
   The Digital India program, coupled with the Unified Payments Interface (UPI), has made India a global leader in digital payments. In 2024, UPI processed 1,200 crore transactions monthly, valued at ₹20 lakh crore, capturing 80% of global digital payment volume. Over 50 crore Jan Dhan accounts have brought 67% of Indians into the formal banking system, empowering small businesses and entrepreneurs. Source: NPCI. 
4. PM GatiShakti: Redefining Infrastructure
   The PM GatiShakti National Master Plan, completed key phases by 2024, has integrated 1,500 infrastructure projects worth ₹15 lakh crore, with 400 finalized. By reducing logistics costs from 14% to 9% of GDP, it saves ₹10 lakh crore annually, boosting India’s Logistics Performance Index rank to 38. This initiative enhances connectivity, making India an attractive destination for US businesses. Source: PM GatiShakti. 
5. Renewable Energy Leadership: A Green Future
   India’s renewable energy capacity reached 207.76 GW in 2024, a 4x increase since 2014, driven by initiatives like PM Surya Ghar. The addition of 6 GW between June and August 2024 and $12 billion in green investments underscore India’s commitment to sustainability. Self-sufficiency in solar production positions India to meet its 500 GW target by 2030, offering opportunities for US-India clean energy partnerships. Source: MNRE.

A Vision for Viksit Bharat

These achievements reflect PM Modi’s vision of a developed India (Viksit Bharat) by 2047, aligning with the India Chamber of Commerce USA’s goal of strengthening bilateral economic ties. As India continues to innovate and grow, US businesses are encouraged to explore opportunities in this dynamic market. For more details, visit indiachamber.org and drop us a line through our Contact Page.