Let’s explore key trends and milestones that shaped India’s economic and business landscape in the year 2024.
With groundbreaking innovations, strategic investments, and key milestones, 2024 has been an important year for India’s business landscape, thereby cementing the country's position as a global economic powerhouse. With strides in technology, fintech, renewable energy, and infrastructure, India has reflected its resilience, and the power of innovation. Let’s take a look at some of the developments that dominated India’s business world this year:
In 2024, Reliance Jio made waves by launching revolutionary AI-driven services, across sectors such as telecom, healthcare, and education. With an aim to position itself as a dominant player in India’s ever-growing digital economy, Jio is enabling AI-powered solutions that can reshape consumer experiences, and business models. Not just that,
established IT giants like Infosys and TCS, too have integrated AI across operations to further boost India's competitive edge in the global technology landscape. With the integration of AI in sectors such as automation, data analytics, and machine learning, India is not far from positioning itself as a global tech powerhouse.
The year 2024 saw India’s fintech sector scaling new heights with innovations in digital banking, payments, and financial inclusion. In fact, the Unified Payments Interface (UPI), India’s flagship payment system, crossed a major milestone of 20 billion transactions per month, highlighting India’s commitment to cashless, inclusive financial systems. Now amid global giants eyeing the Indian fintech market, India is moving towards an inclusive financial system with digital economies worldwide.
Despite facing global economic uncertainty, India’s startup ecosystem thrived in 2024. With an emergence of more than 15 new unicorns – startups valued at over $1 billion – spanning sectors like fintech, health tech, agritech, and edtech, India’s entrepreneurial landscape has been able to reflect its dynamism and resilience. In fact, new-age companies are now keen to tap into the growing consumer demand and the government’s startup-friendly policies. By producing unicorns at a rapid pace, India is becoming a global leader in startup creation, venture capital investment, and innovation.
In a landmark development for India’s electric vehicle (EV) sector, Tesla confirmed its plans to set up a manufacturing facility in Gujarat. Tesla’s entry into India is poised to boost the adoption of EVs, which would further help India to reduce its carbon footprint and transition to sustainable mobility. With the government pushing for increased adoption of EVs, Tesla’s entry is expected to stimulate local manufacturing as well, and enhance India’s position as an EV manufacturing hub.
With Vedanta’s strategic investments in semiconductor manufacturing, India’s ambitious plans to become a global chip production hub has got a much-needed push. Under the government's "Make in India" initiative, Vedanta is now looking forward to a domestic semiconductor supply chain, which would cut down India’s dependency on foreign chips. The semiconductor sector, which is considered the backbone of the modern digital economy, is certainly setting eyeing rapid growth in India.
In the year 2024, India has made remarkable progress in its renewable energy sector, especially in solar and wind power, and is on track to meet its ambitious sustainability goals. In 2024, India saw its renewable energy production hit new records by reducing its carbon emissions and turning its focus to clean energy.
India’s capital markets, in 2024, saw a surge in IPO activity in 2024, with companies from the tech and manufacturing sectors raising over Rs 1 lakh crore in new listings. With tech giants dominating the IPO scene, India seems to become a leading hub for technology innovation and investment, with increasing interest from both domestic and global investors.
Nonetheless, 2024 has been a year of major changes for India’s economy, from AI and fintech to electric vehicles and renewable energy. As 2024 draws to a close, India stands at the threshold of a new business era.
