India has undergone significant economic growth and development in the past 12 years, with notable advancements in various sectors such as manufacturing, services, and the external economy, according to ASSOCHAM President Nirmal K Minda. Congratulating Prime Minister Narendra Modi on becoming India’s longest-serving Prime Minister, Minda highlighted the country’s progress under his leadership.
The country’s GDP has more than doubled from $1.9 trillion in 2013-14 to $4.1 trillion in 2025-26, with a notable increase in manufacturing and services sectors, Minda stated. India’s GDP growth has also improved from 6.4% to 7.7% during this period, positioning India as one of the fastest-growing major economies globally.
Key policy initiatives like Make in India, Jan Dhan Yojana, Digital India, and others have played a crucial role in India’s economic growth, according to ASSOCHAM President. The country has emerged as a significant player in the global economic landscape, he added.
The manufacturing sector in India has experienced substantial growth, expanding by 10.7% in 2025-26 compared to a decline of 0.7% in 2013-14, ASSOCHAM Secretary General Saurabh Sanyal highlighted. Additionally, the services sector has seen an increase from 7.8% to 9.3% during the same period.
On the external front, India’s exports have surged from $466 billion in 2013-14 to $860 billion in 2025-26, with an improvement in the current account deficit from 1.7% to 0.6%. Investment conditions have also strengthened significantly, with the Sensex rising nearly threefold from 22,386 to 71,947 during the same period, while foreign direct investment inflows doubled from $45 billion to $95 billion.
Dr. S P Sharma, Chief Economist at ASSOCHAM, emphasized that sustained reforms and structural initiatives have been instrumental in driving India’s economic growth. Key policy measures like Make in India, Jan Dhan Yojana, and others have contributed to India’s economic progress and enhanced its global economic position.
