India continues to solidify its position as the world's fastest-growing major economy for the fourth consecutive year, according to Finance Minister Nirmala Sitharaman. Speaking at the Indian Institute of Management, Lucknow, she highlighted India’s sustained growth momentum supported by robust performances across key sectors and innovative policy initiatives.

Sustained GDP Growth

India recorded a GDP growth rate of 6.5 percent in the fiscal year 2024-25, maintaining strong economic momentum despite global challenges. The growth accelerated to 7.4 percent in the January-March quarter (Q4 FY25), reflecting resilience across multiple sectors. This follows impressive growth rates of 9.2 percent in FY24, 7.6 percent in FY23, and 9.7 percent in FY22.

The Finance Minister emphasised that this sustained growth is underpinned by contributions from the services, manufacturing, and agriculture sectors. “India’s industry as well as manufacturing activity have all been so good during quarter four (Q4), and quarter four's growth alone was 7.4 percent,” Sitharaman stated. She credited the collective efforts of small, medium, and large industries for keeping India’s manufacturing and service sectors robust.

India’s Market Evolution

Sitharaman noted a transformational shift in India’s economic landscape. The country is no longer merely a middle-class consumer market where goods can be dumped. Instead, it has evolved into a market that fosters innovation, creativity, and indigenous manufacturing capacity. This has allowed India to maintain its position as the fastest-growing major economy globally for four years straight without a break.

Digital Public Infrastructure Leadership

India’s widespread adoption of digital public infrastructure has drawn global recognition. Many world leaders have praised India’s digital technology ecosystem, which has been instrumental in expanding financial inclusion, improving governance, and enabling easier business processes.

The government continues to work on reducing regulatory hurdles and promoting ease of doing business. Sitharaman underscored that eradicating corruption remains a vital step toward becoming a developed nation since corruption negatively impacts all citizens.

Focus on Science and Technology

The Finance Minister highlighted government efforts to boost investments in science and technology, a key pillar of India’s growth strategy. Significant initiatives like the National Quantum Mission (NQM), launched in the FY21 budget, aim to position India as a leader in emerging scientific fields such as quantum technology.

In addition to quantum sciences, India is prioritising research and development in sectors like oceanography, space exploration, rare earth minerals, and weather forecasting. These areas are expected to create new avenues for economic growth and global competitiveness.

Sitharaman stressed that science and technology-led investments have historically been a priority for India and will continue to be central to future economic development.

Conclusion

India’s sustained position as the fastest-growing economy in the world is the result of consistent policy efforts, robust sectoral growth, and strategic investments in innovation and technology. With strong contributions from manufacturing, services, and agriculture, coupled with a thriving digital infrastructure and futuristic science initiatives, India is poised to maintain its growth trajectory and realise its vision of becoming a global economic powerhouse.

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