Rising services exports boost hopes for India’s 2047 developed status; Nagaraju calls it a macroeconomic success
Mumbai
India’s role in the global economy is set to expand further, with its share in global GDP growth expected to rise from 6.5 percent in 2024 to 9 percent by 2035, according to M. Nagaraju, Secretary, Department of Financial Services. Speaking at the annual infrastructure conclave 2025 organised by NABFID, he said India remains the fastest-growing economy despite global uncertainties.
He highlighted that India’s economy has grown at an average annual rate of 8 percent over the past four years. The most recent quarterly GDP growth of 7.8 percent was the highest in five quarters. He added that the external sector is strong, with the current account deficit at just 0.5 percent of GDP in the last quarter.
Services exports are rising sharply, boosting hopes that India can achieve developed nation status by 2047, its centenary of independence. Nagaraju described India’s progress as a “macroeconomic success story,” showcasing resilience, reforms, and prudent policies that position the country as a key driver of global growth.
Banking and finance have also shown remarkable strength. For the first time in over a decade, public sector banks outpaced private banks in credit growth during FY 2024-25. Non-Performing Assets (NPAs) have dropped below one percent, while capital adequacy remains well above regulatory norms.
Nagaraju stressed that this stability in the financial sector supports India’s infrastructure ambitions and its vision of long-term, sustainable growth. With strong fundamentals, robust exports, and a sound banking system, India is well-placed to lead in shaping the post-pandemic global economic order and meet the aspirations of a developed nation.
