The performance of the Indian economy during the financial year 2024 was simply fantastic, rather than a quantum leap surpassing expectations, the growth recorded was robust and resilient, touching every aspect of economic activity. The might of our nation in this regard was startling not only on the domestic front but on the international as well.

The advancement was unprecedented, which would boost our overall development, accelerating our race to clinch the position of the third largest economy in the world and a developed nation.

It goes without saying that a country like India which shares extensive territorial boundaries with whom our bilateral relations are far from cordial, needs a powerful and effective defence system with the most modern, tactical, weapons and surveillance machinery capable of deterrence and quick retaliation.

But the country had to pay heavily to meet the challenge of our neighbours and keep our capability intact to meet the challenge from the neighbours and our capability intact. A considerable share of our GDP had to be set apart for the same since most of the items had to be purchased and imported from developed countries quoting high prices. Now it's the story of the past, the scenario has taken a desirable turn. India is an exporter of costly and frontline defense items nowadays. We proudly stand among the rare bandwagon of weapon exporters. There was a giant leap in this regard which have touched a record of ₹21,083 crores( approx. US Dollar 2.63 billion ) in the financial year 2023--24. They include BrahMos Supersonic missile, Akash missile, Tejas Multirole Fighter aircraft, Dornier- 228 aircraft, ALH helicopter, SU Avionics, Armoured vehicle, Artillery gun, Rocket and Launcher, Torpedo loading mechanism, Alarm monitoring and control system, Night vision Monocular and Binocular etc.

There was a tremendous jump from the exports during the timespan of 2004--2014 which was a mere 4312 crore to an all-time high to the tune of 88,319 crores during the next decade 2014--2024. There are 85 countries globally as our defense importers including developed nations like the US, France, Italy and developing nations like the Philippines, Argentina, and countries in Africa and the Persian Gulf.

The major part of our total internal income was contributed by taxes thanks to the active and comprehensive tax drive by central authorities which resulted in the the achievement of target. The proposed projection of the sum of taxes, indirect as well as direct, in the Central budget presented in February 2024 was ₹ 34.37 lakh crores. The collection of GST also recorded a remarkable hike of 11.7 percent.

According to the data available in connection with the fiscal performance of the financial year ended on the 31st of March, 2024, the income from Indian railways has risen to a staggering ₹ 2.56 lakh crore, an all-time high in the history of railways. It's also evident from the data railway is all set to become the most modest and safest mode of transport in the country as a result of the rapid implementation of development measures by the central government combined with the substantial contribution from the private sector.

The recent awakening and advancement in the export front is clearly reflected in the corresponding good response from our maritime trade via the Port of Kochi. This is characterized by a striking boost in its transhipment deal to the tune of 3.63 crore tonnes of shipment in 2023-24, 65 percent of which came from international trade. There was a total shipment of 7,54,237 T. E. U(containers ) via the International Transshipment Terminal in Vallarpadam, a record according to the authorities of the Port of Kochi.

It's claimed that the anchoring of 43 luxury liners during the year at the port also boosted our business in this sector.

Fluctuations in the global economy as a result of geopolitical tensions reflected in India in the price of gold. It was propelled to unprecedented levels, hitting an all-time high.

Economists have observed that this phenomenon, the race of gold prices is due to the flocking of motivated investors, global giants and small ones alike, to the safe heaven of gold assets following reports of an expected cut in interest rates by the US administration. The surge in the purchase of gold by central banks and high global demand also contributes to the steep hike.

The price of gold in our country (per sovereign ) soured from ₹46,840 /- in December 2023 to a shocking ₹ 55,000 /- on the 16th of April 2024. It underlines the fact that gold is still the most reliable of assets, the most favoured and trusted investment.

As everyone can see, the backbone of our economy is the cumulative strength of the marginal business community in the country. This is the basic structure that keeps the sustainability of the Indian economic system intact. This subtle substrate called nano-economy has a deep-rooted influence on the economic structure of not only India but each and every other country as well, especially in the changing world order.

It is estimated that there are more than a million nano-entrepreneurs in India, providing work to 1.5 to two percent on average. If given encouragement to grow and expand, it is learnt that this sector can accommodate twenty million unemployed. Undoubtedly this could also contribute substantially to our GDP.

India needs to accelerate its percentage of growth to 8.5 annually to get onto the bandwagon of developed nations.

Eminent economist and the Secretary of Economic Affairs, Govt. of India, T. V. Somanathan rightly points out the nano-demographic window could stretch a helping hand to realize India's aim to become a developed country.

The World Bank indicates that the Indian economy will continue its present leap in the next financial year also. The bank has made it clear that the increase in deposits and the progress of the service sector would play a pivotal role in our economic bloom. The bank anticipates a growth rate of 6.5 percent for the current financial year, 2024- 25. It was 6.3 in 2022- 23 and 6.4 in 2023- 24.

The projected annual growth figure of the central government for the financial yeat 2024- 25 is an enthusiastic 7.3 percent.

All of these figures are indications of our faster growth. Now India is on the list of growing countries in the world.

A stable administration and the continuation of the present government at the centre would certainly ensure the widening of the path of development of the country, the performance of the financial year 2023- 24 affirms it.

* (Writer is former President of FOKANA and Chairman of NAMAM, USA)