New Delhi, June 10 (IANS) India has witnessed strong and broad-based economic transformation over the past 12 years, with major gains across growth, manufacturing, services, external sector performance and investment climate, ASSOCHAM President Nirmal K Minda said on Wednesday.

Congratulating Prime Minister Narendra Modi on becoming the longest-serving Prime Minister of India, Minda said the country has achieved multiple milestones under his leadership.

“Our economy’s growth fundamentals have performed as well as or better than those of any major economy in the global system. GDP has more than doubled from $1.9 trillion in 2013-14 to $4.1 trillion in 2025-26, supported by strong growth in manufacturing and services,” Minda said.

He added that GDP growth has improved from 6.4 per cent in 2013-14 to 7.7 per cent in 2025-26, with all top 10 leading economic indicators performing robustly, strengthening India’s image as the fastest-growing major economy in the world.

The ASSOCHAM President cited key policy measures, including Make in India, Jan Dhan Yojana, Digital India, Skill India, Startup India, Goods and Services Tax (GST), Production Linked Incentive (PLI) schemes, Green Hydrogen Mission, New Foreign Trade Policy 2023, logistics and customs digitisation reforms, and BHAVYA (Bharat Audyogik Vikas Yojna), among others.

“India is now a bright spot in the global economic system,” he said.

According to ASSOCHAM Secretary General Saurabh Sanyal, the manufacturing sector has seen a sharp uptick, growing at 10.7 per cent in 2025-26 compared to (-)0.7 per cent in 2013-14.

Similarly, the services sector growth has risen from 7.8 per cent to 9.3 per cent during the same period.

On the external sector, Sanyal said exports have increased from $466 billion in 2013-14 to $860 billion in 2025-26, while the current account deficit has improved from 1.7 per cent to 0.6 per cent.

He further noted that investment conditions have strengthened significantly, with the Sensex rising nearly threefold from 22,386 in 2013-14 to 71,947 in 2025-26. Foreign direct investment inflows have also doubled from $45 billion to $95 billion.

Dr S P Sharma, Chief Economist, ASSOCHAM, said the economy has benefited from sustained reforms and structural initiatives.

He cited key policy measures, including Make in India, Jan Dhan Yojana, Digital India, Skill India, Startup India, GST, PLI schemes, Green Hydrogen Mission, New Foreign Trade Policy 2023, logistics and customs digitisation reforms, and BHAVYA (Bharat Audyogik Vikas Yojna), among others.

“These policies have supported India’s growth trajectory and strengthened its global economic standing,” ASSOCHAM said.

–IANS

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