Economy & Investment

India improved from rank 142 (2014) to 63 (2020) out of 190 economies — the most improved large economy over this period. Key reforms: GST (single market), IBC (insolvency), e-courts, RERA, e-stamping, single-window clearances. World Bank discontinued the Doing Business report in 2021 after a data integrity review. A successor Business Ready report launched 2023 uses different methodology and is not directly comparable. For ongoing competitiveness, see PM Gati Shakti and National Single Window System metrics. Source ↗

EPFO started publishing monthly payroll data from April 2018 — pre-2018 baseline is not directly comparable. Net additions = new members minus exited members. Covers only formal salaried employment (establishments with 20+ workers). India's total workforce is ~500 million; formal sector share remains ~10–15%. Informal and self-employment are not captured. PLFS (Periodic Labour Force Survey) shows overall unemployment rate fell from 6.0% (2017-18) to 3.2% (2023-24). Source ↗

TODO: source required — confirm latest FDI figure from DPIIT annual report. India has consistently been among the top 5 global FDI destinations in recent years. Source ↗

India became the world's 5th largest economy by nominal GDP in 2022, overtaking the UK. In PPP terms (IMF), India is already the 3rd largest. The USD figure fluctuates with rupee-dollar exchange rates — in INR terms, GDP grew from ₹112 L Cr (FY2013-14) to ₹295 L Cr (FY2024-25 AE), a ×2.6 increase. COVID-19 caused a -5.8% contraction in FY2020-21. Source ↗

Government capex covers roads, railways, defence procurement, ports, telecom, and urban infrastructure. Sharp ramp-up post-COVID (FY2022–25) explicitly used as a demand stimulus tool. Capex as % of GDP rose from ~1.7% (FY2015) to ~3.4% (FY2025). States' capex (funded partly by central grants) adds another ~4–5 L Cr. Critics note high public capex has not fully crowded in private investment — corporate capex recovery remains moderate. Source ↗

GST (Goods and Services Tax) replaced 17 central and state taxes from July 2017, unifying India into a single market. Monthly collections crossed ₹2 lakh crore for the first time in April 2023. The GST Network (GSTN) handles ~12 crore returns per month. Baseline is 0 because GST did not exist pre-July 2017 — a comparable pre-GST combined indirect tax figure is not directly available. Source ↗

ITR filings crossed 9 crore for the first time in AY2024 (FY2023-24). Pre-filled ITR, faceless assessment, and simplified new tax regime drove adoption. Direct tax collections doubled over the decade. Of ~9 crore filers, about 7 crore paid zero tax (under the basic exemption), reflecting India's still-narrow formal tax base. The tax-to-GDP ratio improved but remains lower than the ~18% global average. Source ↗

TODO: confirm cumulative PLI production/sales figures from Ministry of Commerce. PLI (Production Linked Incentive) launched for 14 sectors in 2020-21. Mobile phone exports have been a notable success — Apple's India production is a cited example. Source ↗

India is the 3rd largest startup unicorn hub globally (after US and China) as of 2024. The $1B+ unicorn threshold is a widely used VC benchmark. InMobi (2011) was India's first unicorn; the cohort grew almost entirely post-2014 with digital infrastructure (UPI, Aadhaar, cheap data) enabling scale. Note that unicorn valuations are private-market marks and may not reflect public-market realisable value — several 2021-vintage unicorns have seen valuation markdowns. Source ↗

TODO: source required — confirm total recognised startups from DPIIT portal. Startup India scheme launched January 2016. India has the third-largest startup ecosystem globally by number of unicorns. Source ↗