2024 in a nutshell

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Every good thing comes to an end and so has this year. I hope you were able to get the most out of 2024 and have gained new experiences that will be a value ad for your personal growth. Personally, the year 2024 was very much like the Indian stocks market for me. On a national scale, India, or Bharat, has had an eventful and remarkable year. The political landscape was shaped by one of the most thrilling Lok Sabha elections, followed by a significant victory for the BJP in Maharashtra, further solidifying its influence. 

On the global stage, India has demonstrated its prowess in various sectors, underscoring its commitment to growth and innovation. Hosting major international events like the G20 Summit, the Gujarat Investment Summit, and the Semicon India conference showcased our nation's growing leadership and diplomatic influence. These milestones not only highlighted India's potential but also served as a testament to our collective ambition to build a prosperous future for all our citizens. Our dynamic workforce, growing infrastructure, and increasing investments have placed us on a trajectory that promises even greater achievements in the years to come. This year has been a reminder that while challenges are inevitable, they are also the steppingstones to our success. We are forging ahead with confidence, making remarkable strides towards a future of opportunity and growth. 

This is going to the last blog for 2024 and what better than covering their entire year in a nutshell? So, let me take you through the memories and emotions of 2024 for one last time. 

1. General and state elections: 

     The BJP led by Prime minister Narendra Modi continues to dominate national politics. Mr. Modi's leadership is marked by a strong centralization of power and focus on national security, economic growth, and nationalism. The oppositions, especially the INC and regional parties, face challenges un uniting against the BJP, but there is still significant political debate over issues like unemployment, religious tensions, and tax structures. The BJP, whose candidates contested in the name of Modi, won in 240 seats, falling short of the 272-majority mark and needing the support of allies in the party-led NDA for government formation, a far cry from the 303 and 282 seats it had won in 2019 and 2014, respectively, to have a majority on its own. With support from key allies N Chandrababu Naidu's Telugu Desam Party (TDP) and Nitish Kumar's JD(U), which won 16 and 12 seats in Andhra Pradesh and Bihar, respectively, and other alliance partners, the NDA crossed the halfway mark.

2. ECONOMIC GROWTH AND CHALLENGES: 
     Bharatiya economy continues its growth trajectory with a projected growth rate of 6% for 2024. This is significantly less than what other developing countries have grown at, indicating better policies in the future. Inflation has been under control. Food inflation keeps troubling. despite efforts by the RBI, cost of living pressure is felt by many citizens, especially the middle and the lower class. 

Bharat has become a global hub for technology, with significant growth in startups, digital payments, and technology related exports. The country's push towards digitization, including the expansion of the digital India Initiative continues to be a key policy focus. Apart from that, the country is also trying to position itself as an alternative manufacturing hub to China, leveraging its large labor force and improving infrastructure.


3. FOREIGN RELATIONS: 
     Bharat's foreign policy in 2024 reflects a balancing act between aligning with the west, while managing its complex relationship with China. The India-China border tensions continue to simmer, through diplomatic engagement remains a priority. Bharat plays a central role in regional organization such as the South Asian association for regional cooperation and the Bay of Bengal initiative for multi-sectoral technical and economic cooperation. It is also an important player in the Quad with the US, Japan, and Australia. Bharat has also taken a leadership role in global climate discussions, particularly through the International solar alliance. However, the country also faces internal challenges related to air pollution, water scarcity, and impacts of climate change on agriculture.  


4. TECHNOLOGY AND INNOVATION: 
     Bharat continues to build on its tech infrastructure with rapid adoption of 5G, expansion of internet access in rural areas, and increased focus on artificial intelligence, fintech, and e-commerce. Bharat's space program, led by the Indian space research organization, remains a point of national pride. The successful launch of Chandrayaan 3 mission to the Moon and Gaganyaan (human spaceflight program) are significant milestones. The country is also embracing the AI revolution, with government and private sector initiatives aimed at fostering innovation in areas like healthcare, education, and agriculture. 


5. ENVIRONMENT AND SUSTAINABILITY: 
     Bharat faces significant environmental challenges, including air pollution, water scarcity, and deforestation. The government is pushing for renewable energy, with solar power playing a central role in future energy plans. The push for sustainability is evident, with Bharat making commitments to reduce carbon emission and increase the share of renewable energy in its overall energy mix. 


6. CULTURAL AND DEMOGRAPHIC CHANGES: 
     Bharat's population continues to be young, with the median age of around 28. This offers both a demographic dividend and challenges in terms of education, employment, and skill development. Bharat is witnessing a cultural renaissance in its art and literature with increasing global influence and recognition. 


7. INFRASTRUCTURE AND URBANIZATION: 
     Bharat is rapidly urbanizing with an ongoing push for smart cities, improved public transport, and modern infrastructure. Mega-projects like the Delhi-Mumbai industrial corridor and bullet train are set to transform regional economies. The country also faces a housing crisis, with millions of people living in informal settlements. Affordable housing remains a key policy issue. 


8. SPORTS ACHIEVEMENTS: 
     Bharat's performance in international sporting events such as the 2024 Paris Olympics could boost national pride. Similarly, cultural events, festivals, and milestones in the entertainment industry continues to make global headlines. 


India's outlook for 2025 appears promising, with strong economic growth driven by digital transformation, a burgeoning middle class, and expanding infrastructure. The country's youthful population is expected to fuel innovation and productivity, positioning India as a global leader in sectors like technology, manufacturing, and renewable energy. However, challenges such as income inequality, climate change, and regional disparities need addressing for sustainable growth. With a focus on policy reforms, improved governance, and international partnerships, India is poised to emerge as a key player in the global economy by 2025, balancing development with social and environmental progress. The government's focus on "Atmanirbhar Bharat" (self-reliant India) and strategic geopolitical alliances could further strengthen India's global influence in the coming years, making 2025 a critical year for its growth trajectory. 

As we step into 2025, I want to take a moment to thank you for your continued trust and engagement with our financial insights. The past year has been filled with opportunities and challenges, and I are excited to guide you through the evolving financial landscape in the year ahead.

In 2025, I aim to provide even more valuable content to help you make informed decisions, build wealth, and achieve your financial goals. Here's to new beginnings, financial growth, and success in the year ahead!

Stay financially savvy and prosperous! 


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