Year Ender 2024: How did India rank on global economic indexes this year

India’s rising status as a ‘Global Superpower’:

Looking at its economic outlook, India presently is in a highly favourable position, with a low debt burden and strong projected real growth over the next ten years (6.3% per year), leading it to transform into a global superpower in the upcoming decade, as forecasted in Ray Dalio’s Great Powers Index 2024.

Its ascent is increasingly evident through its significant investments in infrastructure and military spending, with these two pillars crucial for enhancing its global standing and ensuring national security.

According to Savills Research, four Indian cities have been recognized as the fastest-developing cities, with Bengaluru identified as the fastest-developing city globally, followed by Delhi, Hyderabad, and Mumbai, which are also in the top five.

Rising wealth creation and billionaires in India:

India is experiencing a remarkable surge in wealth creation, boasting a collective billionaire wealth of approximately US$ 1 trillion, accounting for 7% of the world’s total wealth, leading to Mumbai recently surpassing Beijing as the ‘Billionaire Capital’ of the world.

In addition to being home to billionaires like Mukesh Ambani and Gautam Adani, India is also witnessing substantial growth in its millionaire population, according to the Hurun Report for 2024.

Welcoming 94 new billionaires this year—the highest increase in billionaires globally, after the US and China, this brings the total count of Indian billionaires to 271, positioning the nation in third place for the most millionaires worldwide, as per Forbes.

Furthermore, the UBS Global Wealth Report 2024 highlights India’s promising outlook, ranking it 11th among nations with the fastest-growing millionaire populations, with an anticipated growth rate of 22% over the next five years.

Employment outlook and labour productivity:

As the Indian economy is largely driven by its skilled workforce, in a notable shift, this year, its employment landscape has witnessed a historic shift, witnessing a total of seven crore job applications, which is a 25 per cent year-on-year surge, according to a recent report.

Despite this, India’s employment-to-population ratio stands at 52.8%, accompanied by a labour dependency ratio of 1.52, indicating that a significant portion of the population remains outside the labour force.

ILOSAT additionally highlights that the labour productivity in India, in terms of GDP per hour worked, is also quite low, estimated at $8, leading India to stand at 133rd globally.

India is ranked 13th among the world’s most overworked countries, with workers logging some of the longest hours.

This is because an average Indian worker works 46.7 hours each week, with 51 per cent of India’s workforce working 49 or more hours each week, ranking India second among countries with the highest rates of prolonged working hours, according to the International Labour Organisation.

With India continuing to position itself as a significant global superpower in the coming years, focusing on its growth trajectory while addressing these challenges will be crucial for sustaining its economic momentum and enhancing overall living standards for its population.