Prime Minister Narendra Modi, India’s third-longest-serving leader, marked his 75th birthday on September 17, 2025. Alongside the celebrations, attention turned to his impact on the Indian economy, which has witnessed remarkable highs as well as persistent challenges during his premiership.
Under Modi’s leadership, India climbed to the position of the world’s fourth-largest economy, trailing only the United States, China, and Germany. The nation’s GDP reached $4.19 trillion, with annual growth averaging 6.5% over the past decade. Despite a sharp contraction of -5.8% in 2020–21, largely due to the pandemic, India has rebounded strongly. The country’s nominal GDP tripled from about $1.29 trillion in 2014-15 to over $4 trillion in 2024-25, while Gross Value Added nearly doubled from $1.88 trillion in 2014 to $3.55 trillion in 2024.
Exports have played a vital role in this progress. India’s total exports rose by 67% in a decade, from $466.22 billion in 2013-14 to $778.21 billion in 2023-24. Merchandise exports expanded by nearly 39% in the same period, reaching $437.10 billion, while services exports more than doubled from $152 billion to $341.11 billion. However, the manufacturing sector has seen little improvement. Its share in Gross Value Added stagnated, moving only from 17.2% in 2013-14 to 17.5% in 2023-24, even after initiatives like ‘Make in India’.
Stock markets have been one of the brightest spots. Since Modi first took office in 2014, the Nifty surged from 7,360 to above 25,100, a rise of nearly 240%, while the Sensex climbed from 24,690 to above 82,000, marking 235% growth.
Inflation has generally remained under control, fluctuating between 4% and 6%, though it spiked to 6.7% in 2022 due to global pressures.
Employment has also recorded significant gains. Jobs increased by 36%, rising from 471.5 million in 2014-15 to 643.3 million in 2024-25. The government highlights the creation of 17.19 million new jobs over the decade, compared to 2.9 million under the previous UPA regime. India’s unemployment rate dropped from 6% in 2017-18 to 3.2% in 2023-24, with the Worker Population Ratio improving from 46.8% to 58.2%. In July 2025, the unemployment rate stood at 6.8%, the lowest in nearly three years.
As Modi steps into his 76th year, India’s economy reflects a mix of strong progress in growth, markets, and employment, alongside the pressing need to accelerate manufacturing and sustain inclusive development.
