India's Exciting Year 2023 in Review

With the start of 2024 let's dive into what India achieved in 2023 – from moon missions to mega summits, it's been quite a year!

1. Stellar Achievements

India kicked off the year with a bang, pulling off a successful moon mission and hosting the prestigious G20 Summit. These achievements not only made the nation proud but also set the stage for a year full of growth and optimism.

2. Investment Buzz

Global tech giants like Apple couldn't resist the charm of India's industrial manufacturing sector. With the government rolling out sector-specific incentives and pumping investments into logistics and infrastructure, the country became a hotspot for big players looking to expand their operations.

3. Economic Powerhouse

India's economy skyrocketed, becoming the world's fastest-growing for two years straight. With a GDP of a whopping US$3.75 trillion, India now stands as the fifth-largest economy globally. The government has its eyes set on hitting the US$5 trillion mark by 2027 – that's some serious economic muscle!

4. Stock Market Surges

The Nifty 50 index hit record highs, shooting up by 16 percent in a single year. India's stock market is now the seventh largest globally, with a market capitalization of US$3.989 trillion. Keep an eye on sectors like banking, healthcare, and energy – they're predicted to shine in 2024.

5. Manufacturing Magic

India's manufacturing sector witnessed a spectacular rebound, with the S&P Global India Manufacturing PMI hitting 56.0 in November. This marked the 29th consecutive month of expansion. The government aims to boost the manufacturing market to US$1 trillion by 2025-26.

6. Tech Rules

In the tech world, India made moves to track IT hardware imports. With an eye on national security, an import authorization system was introduced. The goal? To fulfill 70 percent of India's IT hardware demand through domestic manufacturing and reduce reliance on 'untrustworthy' sources.

7. Global Players in the Game

India's open-for-business attitude attracted major global corporations. The Production-Linked Incentive (PLI) schemes played a superhero role in reviving the manufacturing sector. Apple saw a staggering 177 percent growth, exporting iPhones worth over US$5 billion. Lenovo also joined the party, leading a subsidiary of an Indian EMS provider under the PLI Scheme.

8. The China Factor

Tensions with China led to some strict rules. Chinese companies in India were asked to include Indian partners, appoint Indian executives, and increase local manufacturing. The mobile market saw a significant presence of Chinese players like Xiaomi, Oppo, Vivo, and Realme, holding a 74 percent share. The Indian government, however, isn't too thrilled about it.

9. Bureaucracy Reforms

India worked on simplifying business processes with over 39,000 compliances reduced and 3,400 legal provisions decriminalized. The focus on digitizing regulatory processes showcased India's commitment to making it easier to do business.

10. Trade Sensations

India's services exports are set to touch US$192 billion, aiming for a whopping US$1 trillion in services exports by 2030. Despite a decline in foreign direct investment (FDI) and a drop in startup funding, India's trade game remained strong.

India's 2023 was a thrilling story of economic growth, technological strides, and global recognition.

Be ready; who knows what exciting adventures lie ahead in the coming years! 

Until then...

Make sure to check out Shree Sarang, which delivers the best artificial jewellery for all types of outfits to enhance your beauty at the most affordable price and is also the sponsor of this article.