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Recap 2024: Top 10 Richest States in India by GDSP and GDP Per Capita, As Of 2024

India is on an ambitious trajectory to become the third-largest economy globally by 2030, with projections indicating its nominal GDP will surpass $7 trillion by the fiscal year 2030-31, according to S&P Global Market Intelligence. This remarkable growth is underscored by India’s diverse states, each contributing uniquely to the national economy. The Gross State Domestic Product (GSDP) and GDP per capita of these states reflect their economic strength and developmental status. Below is a detailed exploration of India’s richest states by GDP as of 2024.

India’s Economic Outlook: Setting the Stage

S&P Global forecasts that India’s economy is on track to achieve upper-middle-income status by fiscal 2030-31, provided it sustains an annual growth rate of 6.7%. The country recorded an impressive 8.2% GDP growth in FY 2024, outperforming the government’s projected growth rate of 7.3%. This accelerated growth positions India as the world’s fifth-largest economy, driven by its 28 states, 8 Union Territories, and a National Capital Territory (NCT).

Several states stand out as economic powerhouses, contributing significantly to India’s economic framework. They have developed strong industrial bases, financial infrastructures, and high GDP per capita rates, making them key players in the nation’s growth story.

Methodology for Ranking States by GDP

  • GDP measures the total value of goods and services produced within a region.
  • GDP per capita represents the average economic output per person in a state, highlighting its standard of living.
  • Data for GSDP and GDP per capita were derived from PRS Legislative Research, based on 2024-25 budget estimates, and the states’ share of national GDP was taken from the Economic Advisory Council.

This methodology provides a comprehensive understanding of a region’s economic standing and wealth distribution, enabling accurate rankings.

The Top 10 Richest States in India by GSDP

1. Maharashtra: The Economic Powerhouse

  • Projected GSDP (FY 2024-25): ₹42.67 lakh crore
  • GDP per capita (FY 2022-23): ₹2.89 lakh
  • State Share of National GDP: 13.30%

Maharashtra leads the pack as India’s richest state. Home to Mumbai, the country’s financial capital, Maharashtra hosts key financial institutions like the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE). Industrial giants such as Reliance and Tata further bolster its economic prominence. The state is also home to India’s largest film industry, Bollywood.

2. Tamil Nadu: The Detroit of Asia

  • Projected GSDP (FY 2024-25): ₹31.55 lakh crore
  • GDP per capita (FY 2023-24): ₹3.50 lakh
  • State Share of National GDP: 8.90%

Tamil Nadu earns its nickname, the “Detroit of Asia,” due to its robust automotive industry, which complements its strengths in textiles and information technology. The state’s industrial foundation significantly contributes to its economy, making it the second-richest state.

3. Karnataka: The IT Hub

  • Projected GSDP (FY 2024-25): ₹28.09 lakh crore
  • GDP per capita (FY 2022-23): ₹3.31 lakh
  • State Share of National GDP: 8.20%

Karnataka, led by its capital Bengaluru, is India’s IT hub, housing global tech giants and startups alike. Its flourishing technology and aerospace industries have propelled its economic growth.

4. Gujarat: The Industrial Giant

  • Projected GSDP (FY 2024-25): ₹27.90 lakh crore
  • GDP per capita (FY 2022-23): ₹3.13 lakh
  • State Share of National GDP: 8.10%

Known for its thriving manufacturing and export sectors, Gujarat is a leader in industries like petrochemicals and diamonds. The state’s strong industrial policies and infrastructure make it an economic giant.

5. Uttar Pradesh: The Most Populous State

  • Projected GSDP (FY 2024-25): ₹24.99 lakh crore
  • GDP per capita (FY 2022-23): ₹0.96 lakh
  • State Share of National GDP: 8.40%

Despite having a lower GDP per capita, Uttar Pradesh’s vast population and agriculture-driven economy contribute significantly to the national GDP.

6. West Bengal: The Cultural Hub

  • Projected GSDP (FY 2024-25): ₹18.80 lakh crore
  • GDP per capita (FY 2022-23): ₹1.57 lakh
  • State Share of National GDP: 5.60%

West Bengal’s economy is driven by agriculture, manufacturing, and services, with its capital, Kolkata, acting as a major economic hub in eastern India.

7. Rajasthan: The Land of Opportunities

  • Projected GSDP (FY 2024-25): ₹17.80 lakh crore
  • GDP per capita (FY 2023-24): ₹1.67 lakh
  • State Share of National GDP: 5.00%

Rajasthan’s economy thrives on mining, agriculture, and tourism, with its natural resources playing a vital role in economic development.

8. Telangana: The Rising Star

  • Projected GSDP (FY 2024-25): ₹16.50 lakh crore
  • GDP per capita (FY 2023-24): ₹3.83 lakh
  • State Share of National GDP: 4.90%

Telangana has emerged as a leader in IT, pharma, and agriculture, particularly with Hyderabad being a global pharmaceutical and technology hub.

9. Andhra Pradesh: The Coastal Powerhouse

  • Projected GSDP (FY 2024-25): ₹15.89 lakh crore
  • GDP per capita (FY 2022-23): ₹2.70 lakh
  • State Share of National GDP: 4.70%

With its long coastline, Andhra Pradesh excels in ports, fishing, and agriculture, alongside significant industrial activity.

10. Madhya Pradesh: The Emerging Economy

  • Projected GSDP (FY 2024-25): ₹15.22 lakh crore
  • GDP per capita (FY 2023-24): ₹1.56 lakh
  • State Share of National GDP: 4.50%

Madhya Pradesh’s economy is fueled by agriculture, forestry, and infrastructure development, making it a promising economic contender.

Other Noteworthy States

While not in the top ten, New Delhi ranks 13th with a projected GSDP of ₹11.07 lakh crore for FY 2024-25, contributing approximately 3.6% to the national economy. Its robust service sector, including IT, finance, and real estate, makes it a key economic player.

India’s Economic Growth: A Collaborative Effort

India’s journey to becoming a $7 trillion economy by 2030 is fueled by the combined contributions of its states. From Maharashtra’s financial dominance to Tamil Nadu’s industrial prowess, each state brings unique strengths to the table. As India continues to grow, these states will play a pivotal role in shaping the nation’s economic future.

Quiz-o-Current: 28th December Insights Quiz

Exams like SSC, Banking, Railways, and state-level tests offer a pathway to prestigious government positions. These tests assess reasoning, quantitative skills, general awareness, and knowledge of current events. Staying updated on current affairs is essential, as it strengthens general knowledge and aids in achieving high scores in the general awareness section, often crucial for meeting cutoff marks.

Q1. Which naval forces participated in SLINEX 2024? 

(a) Indian Navy and Chinese Navy

(b) Sri Lankan Navy and Indian Navy

(c) Indian Navy and Australian Navy

(d) Sri Lankan Navy and US Navy

Q2. RBI has constituted an eight-member committee to develop the Framework for Responsible and Ethical Enablement of Artificial Intelligence (FREE-AI) in the financial sector. Who will lead this committee?

(a) Raghuram Rajan

(b) Shaktikanta Das

(c) Pushpak Bhattacharyya

(d) Nandan Nilekani

Q3. Which category was not one of the seven recognized in the Pradhan Mantri Rashtriya Bal Puraskar 2024?

(a) Bravery

(b) Innovation

(c) Literature

(d) Sports

Q4. Which organization won the prestigious Gold Award at the Andhra Pradesh State Energy Conservation Award 2024?

(a) National Thermal Power Corporation (NTPC)

(b) Rashtriya Ispat Nigam Limited (RINL)

(c) Hindustan Zinc Limited (HZL)

(d) Steel Authority of India Limited (SAIL)

Q5. USA Declared which bird as a National Bird of the country?

(a) Bald Eagle

(b) Flamingo

(c) American Robin

(d) American Goldfinch

Q6. Which two UK universities have filed applications to set up international campuses at Gujarat’s GIFT City?

(a) University of Cambridge and University of Oxford

(b) Queen’s University Belfast and Coventry University

(c) University of Edinburgh and University of Manchester

(d) University of Bristol and University of Warwick

Q7. Pro-Active _____ and Timely Implementation called PRAGATI platform, in which what stands for G?

(a) Government

(b) Governing

(c) Globalization

(d) Governance

Q8. In the fiscal year 2023-24, India’s defence exports reached a record-high value of__. 

(a) Rs 15,000 crore

(b) Rs 21,083 crore

(c) Rs 18,500 crore

(d) Rs 10,000 crore

Q9. Where will the world’s largest dam, approved by China, be constructed?

(a) Yangtze River

(b) Yarlung Zangbo (Brahmaputra) in Tibet

(c) Mekong River

(d) Yellow River

Q10. What initiative did Dr. Jitendra Singh launch on Good Governance Day?

(a) Prashasan Gaon Ki Aur

(b) Viksit Panchayat Karmayogi

(c) Swachh Bharat Abhiyan

(d) Digital India Mission

S1. Ans. (b)

Sol. SLINEX 2024 was a bilateral exercise between the Indian Navy and Sri Lankan Navy.

Correct Answer: Sri Lankan Navy and Indian Navy

Key Points:

    • Exercise Name: SLINEX 24 (Sri Lanka-India Exercise 2024)
    • Conducted By: Eastern Naval Command
    • Phases: Harbour Phase: Dec 17-18, 2024 and Sea Phase: Dec 19-20, 2024
  • Participants
  • India: INS Sumitra, Special Forces team and Sri Lanka: SLNS Sayura, Special Forces team
  • Historical Context: SLINEX series began in 2005 and continues to enhance maritime ties between India and Sri Lanka

S2. Ans. (c)

Sol. Pushpak Bhattacharyya, Professor at IIT Bombay, is leading the eight-member committee constituted by RBI for developing the FREE-AI framework in the financial sector.

Correct Answer: Pushpak Bhattacharyya

Key Points:

  • Committee Chairperson: Pushpak Bhattacharyya, Professor, Department of Computer Science and Engineering, IIT Bombay.
  • Committee Members: Includes Debjani Ghosh, Balaraman Ravindran, Abhishek Singh, Rahul Matthan, Anjani Rathor, Sree Hari Nagaralu, and Suvendu Pati.
  • Objective of the Committee: To assess AI adoption, review regulatory practices, identify risks, and recommend governance frameworks for ethical AI usage in the financial sector.
  • Institutions Covered: Banks, NBFCs, FinTechs, Payment System Operators (PSOs).

S3. Ans. (c)

Sol. The seven categories for the awards were Art and Culture, Bravery, Innovation, Science and Technology, Social Service, Sports, and Environment. Literature was not one of the categories.

Correct Answer: Literature

Key Points:

  • Number of Awardees: 17 children (7 boys and 10 girls).
  • Categories: Art and Culture, Bravery, Innovation, Science and Technology, Social Service, Sports, and Environment.
  • Award Distribution: Winners hailed from 14 states and union territories.

S4. Ans. (b)

Sol. Rashtriya Ispat Nigam Limited (RINL), the corporate entity of Visakhapatnam Steel Plant (VSP), won the prestigious Gold Award at the Andhra Pradesh State Energy Conservation Award 2024.

Correct Answer: Rashtriya Ispat Nigam Limited (RINL)

Key Points:

  • Rashtriya Ispat Nigam Limited (RINL), corporate entity of Visakhapatnam Steel Plant (VSP), won the prestigious Gold Award at the Andhra Pradesh State Energy Conservation Award 2024.
  • Awarded for energy conservation measures, especially waste energy utilization in the Iron & Steel sector.
  • The award was presented at the Energy Conservation Week celebrations in Vijayawada.

S5. Ans. (a)
Sol. On Christmas Eve 2024, President Joe Biden signed a historic law officially designating the bald eagle as the national bird of the United States. 

Correct Answer: Bald Eagle

Key Points:

  • Official Designation: December 24, 2024 (signed into law by President Joe Biden)
  • National Bird: Bald Eagle
  • Symbolic Importance: Strength, courage, freedom, immortality; indigenous to North America
  • Historical Context: Appeared on the Great Seal since 1782
  • Benjamin Franklin opposed the eagle as a symbol

S6. Ans. (b)

Sol. Queen’s University Belfast and Coventry University have filed applications to set up international campuses at Gujarat’s GIFT City.

Correct Answer: Queen’s University Belfast and Coventry University

Key Points:

  • Queen’s University Belfast and Coventry University are setting up campuses in GIFT City, Gujarat.
  • Approval for Queen’s University Belfast: Approved by the International Financial Services Authority (IFSCA), it plans to offer postgraduate programs initially, with potential for research and undergraduate courses.
  • Coventry University’s Expansion: Coventry University, with global campuses in Egypt, Poland, Morocco, and Kazakhstan, will now establish a campus in GIFT City.
  • Deakin University’s Role: Deakin University was the first foreign university to establish a campus in GIFT City in January 2024.

S7. Ans. (d)
Sol. The Full form of PRAGATI platform is Pro-Active Governance and Timely Implementation. 

Correct Answer: Governance

Key Points:

  • Launched: March 25, 2015.
  • Developed By: PMO team with the National Informatics Center (NIC).
  • Objective: Addresses public grievances and monitors key government projects.
  • Technologies Used: Digital data management, video conferencing, and geospatial technology.

S8. Ans. (b)

Sol. India’s defence exports reached a record-high value of Rs 21,083 crore (around USD 2.63 billion) in the fiscal year 2023-24.

Correct Answer: Rs 21,083 crore

Key Points:

  • Defence Exports in FY 2023-24: Rs 21,083 crore (USD 2.63 billion)
  • Growth in Exports: 32.5% increase from Rs 15,920 crore
  • Defence Production in FY 2023-24: Rs 1,26,887 crore
  • Growth in Defence Production: 16.7% increase from Rs 1,08,684 crore

S9. Ans. (b)

Sol. The world’s largest dam will be constructed on the Yarlung Zangbo (Brahmaputra) in Tibet, close to the Indian border.

Correct Answer: Yarlung Zangbo (Brahmaputra) in Tibet

Key Points:

  • China approved a $137-billion dam on the Brahmaputra (Yarlung Zangbo) in Tibet near the Indian border. The world’s largest hydropower project raises concerns in India and Bangladesh over water control and potential flooding risks.
  • Location of the Dam: Lower reaches of the Yarlung Zangbo (Brahmaputra) river in Tibet.
  • Cost of the Project: $137 billion (One trillion yuan).

S10. Ans. (b)

Sol. Dr. Jitendra Singh launched the ‘Viksit Panchayat Karmayogi’ initiative on Good Governance Day.

Correct Answer: Viksit Panchayat Karmayogi

Key Points:

  • Launched by Dr. Jitendra Singh on Good Governance Day.
  • Aims to strengthen Panchayati Raj Institutions (PRIs) through innovative tools and capacity-building frameworks.
  • Piloted in Odisha, Assam, Gujarat, and Andhra Pradesh.
  • Part of ‘Prashasan Gaon Ki Aur’ campaign.
  • Uses e-learning platforms, AI-powered chatbots, and mobile apps.
  • Focus on decentralized governance and participatory decision-making.

 

Recap 2024: Legends India Lost This Year

In 2024, India lost several legendary figures who made remarkable contributions to art, literature, sports, politics, science and culture. These extraordinary individuals shaped the nation’s identity with their talent and dedication. As we reflect on their achievements, we honor their legacies, which continue to inspire and influence generations across the country.

List of Legends India Lost in 2024

In 2024, India mourned the loss of remarkable personalities from politics, arts, sports, and business. Their invaluable contributions enriched the nation, and their legacies will continue to inspire future generations.

Here is the list of legends that India lost in 2024:

Name Profession Date of death  Cause of Death 
Manmohan Singh India’s Former Prime Minister, RBI Governor December 26, 2024 Age-related issues
Ratan Tata Industrialist October 9, 2024 Age-related issues
Zakir Hussain Tabla Maestro December 15, 2024 Idiopathic pulmonary fibrosis (a chronic hug disease)
Ustad Rashid Khan Classical Singer January 9, 2024 Prostate cancer
Sharda Sinha Folk Singer November 5, 2024 Blood poisoning complications
Pankaj Udhas Ghazal Singer February 26, 2024 Prolonged illness
Rituraj Singh Actor February 26, 2024 Cardiac arrest
Suhani Bhatnagar Child Actress February 20, 2024 Dermatomyositis (a rare inflammatory disease)
Vikas Sethi TV Actor September 8, 2024 Cardiac Arrest
Rohit Bahi Fashion Designer November 1, 2024 Heart attack
Ramoji Rao Media Entrepreneur June 8, 2024 Prolonged illness
Munnawar Rana Poet January 14, 2024 Throat cancer
Bijili Ramesh Tamil Actor August 26, 2024 Liver failure

Legends India Lost in 2024

In 2024, India bid farewell to many legendary figures who made remarkable contributions in various fields. From politics to music, business to cinema, their loss is deeply felt. Icons like Dr. Manmohan Singh, Ratan Tata and Ustad Zakir Hussain left behind inspiring legacies.

Political Leaders

In 2024, India lost several iconic political leaders who shaped the nation’s history. Dr. Manmohan Singh, a visionary economist and former Prime Minister, left behind a legacy of economic reforms.

Business and Media Icons

The business world mourned the loss of Ratan Tata, the former chairman of Tata Sons, who revolutionized Indian industry with global acquisitions like Jaguar and Corus. Media pioneer Ramoji Rao, the founder of Eenadu and Ramoji Film City, also passed away, leaving behind an empire that transformed Indian journalism and entertainment.

Artists and Musicians

The arts community faced a great loss with the demise of Ustad Zakir Hussain, the legendary tabla maestro, and Pankaj Udhas, whose soulful ghazals touched millions. Folk singer Sharda Sinha, known as the “Queen of Bhojpuri Music,” and poet Munnawar Rana, celebrated for his heartfelt Urdu poetry, also left an indelible mark on Indian culture.

Legal and Literacy Luminaries

The legal world bid farewell to Fali S. Nariman, a constitutional expert often called the “Bhishma Pitamah” of Indian judiciary. In literature and cinema, poet Munawwar Rana and filmmaker Shyam Benegal passes away. Their works enriched Indian arts and literature, providing generations with timeless creations.

Sports Icons

The sports world lost Anshuman Gaekwad, a former cricketer and coach known for his solid batting and defensive technique. His contributions as a trusted opening partner to Sunil Gavaskar and his coaching days are fondly remembered by cricket enthusiasts across the country.

GK Quiz on Dr. Manmohan Singh, Former Indian Prime Minister

Dr. Manmohan Singh, a brilliant economist and statesman, served as the 13th Prime Minister of India from 2004 to 2014. Known for his role in shaping India’s economic reforms, he is respected worldwide for his contributions to the country. Here is a fun and educational quiz to learn more about him.

Who was Dr. Manmohan Singh?

Manmohan Singh was India’s 13th Prime Minister and a renowned economist. Known for liberalizing India’s economy as Finance Minister in 1991, he also led significant reforms and programs like the Right to Information Act and the Rural Employment Scheme. A member of the Indian National Congress, Singh was India’s first Sikh Prime Minister and served as a Rajya Sabha member for decades.

GK Quiz on Dr. Manmohan Singh

Dr. Manmohan Singh, India’s 13th Prime Minister, was a renowned economist. Test your knowledge about his life, achievements and contributions through this GK Quiz on Dr. Manmohan Singh.

 

Q1. Where was Manmohan Singh born?

(a) Gah, West Bengal

(b) New Delhi

(c) Amritsar

(d) Patiala

S1. Ans. (a)

 

Q2. Manmohan Singh served as the Prime Minister of India from:

(a) 1991 to 1996

(b) 2004 to 2014

(c) 2000 to 2010

(d) 2010 to 2020

S2. Ans. (b)

 

Q3. Which position did Manmohan Singh hold before becoming the Finance Minister of India?

(a) Economic Advisor in the Ministry of Finance

(b) Secretary of the Ministry of External Affairs

(c) Minister of Defence

(d) Chief Minister of Punjab

S3. Ans. (a)

 

Q4. Which year did Manmohan Singh become the Finance Minister of India?

(a) 1991

(b) 1995

(c) 1985

(d) 2000

S4. Ans. (a)

 

Q5. In which year was Manmohan Singh awarded the Padma Vibhushan?

(a) 1990

(b)1987

(c) 2000

(d) 2010

S5. Ans. (b)

 

Q6. Manmohan Singh was recognized internationally for his contributions in which field?

(a) Technology

(b) Economics

(c) Education

(d) Defense

S6. Ans. (b)

 

Q7. Manmohan Singh completed his Bachelor and Master’s degrees in which field?

(a) Politics

(b) Economics

(c) Engineering

(d) History

S7. Ans. (b)

 

Q8. How long did Manmohan Singh serve as India’s Prime Minister?

(a) 7years

(b) 8 years

(c) 9 years

(d) 10 years

S8. Ans. (d)

 

Q9. When did Manmohan Singh pass away?

(a) December 24, 2024

(b) December 25, 2024

(c) December 26, 2024

(d) December 27, 2024

S9. Ans. (c)

 

Q10. Which honor did Manmohan Singh receive from Japan in 2014?

(a) Order of the Rising Sun

(b) Grand Cordon of the Order of the Paulownia Flowers

(c) Gold Medal of Merit

(d) Samurai Award

S10. Ans. (b)

Recap 2024: India’s Global Economic Rankings in 2024

India continues to establish itself as one of the leading global economies in 2024, with impressive performance across various economic sectors. Despite facing challenges such as inflation and global uncertainties, the country has shown remarkable resilience, driven by strong GDP growth, increasing foreign direct investment (FDI), and significant developments in infrastructure and military power. As a result, India’s position on the global economic stage has been solidified, and the nation is steadily advancing towards becoming a global superpower by the next decade.

India’s Economic Growth and Position in 2024

India is currently the fifth-largest economy in the world, with a GDP of $3.89 trillion at current prices, reflecting an impressive 8.2% growth rate in FY 23/24. This marks a significant achievement, positioning India as a major global economic player. Moreover, India ranks as the third-largest economy globally in terms of GDP based on purchasing power parity (PPP), with a GDP of $16.02 trillion, trailing only behind China and the United States. This metric reflects the country’s immense internal economic capacity, which continues to grow at a rapid pace.

Projected Growth and Future Outlook

The World Bank projects that India’s GDP growth will remain robust in the coming years, with an anticipated 7% growth rate for FY 2024-25. With growth forecasted to remain strong through FY 2026-27, India is on track to surpass its global economic rivals. It is expected to become the third-largest economy in terms of real GDP by 2030, further cementing its role as a global superpower.

India’s Rankings Across Key Global Economic Indexes in 2024

India’s performance on global economic-related indexes provides a deeper insight into its standing across various pillars of economic development. These rankings highlight both strengths and areas for improvement, providing a holistic view of the nation’s economic health.

Global Index 2024 India’s Global Rank Data Source
Largest Global Economy 5 GDP: $3.94 trillion IMF
Global (Military) Power Ranking 4 Power Score: 0.1023; Military Spending: $74.0 billion Global Firepower Military Strength
Largest Gold Reserves 8 Gold Reserves (in tonnes): 840.76 World Gold Council
Global Wealth Report: Countries with Growing Millionaire Population 11 Growth percentage: 22% UBS
Sustainable Trade Index 23 Sustainability Score: 24 IMD and Hinrich Foundation
Global Competitiveness Index 39 Competitiveness Score: 57.17 IMD
Global Innovation Index 39 – WIPO
World Talent Ranking 58 Talent Score: 40.47 IMD
Largest Stock Exchange (Market Cap) 5 Market Cap: $5.05 trillion WFE

Key Highlights of India’s Global Economic Performance

  1. Economic Size: India’s rank as the fifth-largest economy by nominal GDP reflects its growing significance in the global economic landscape. This growth is driven by robust industrial output, services sector performance, and substantial domestic consumption.
  2. Military Power: India’s military ranking of 4th highlights its rising influence as a global military power. With a military spending of $74 billion, India continues to focus on strengthening its defense capabilities, ensuring both national security and strategic influence.
  3. Gold Reserves: Holding 840.76 tonnes of gold, India ranks 8th globally in terms of gold reserves, solidifying its position as a key player in the global precious metals market.
  4. Wealth Growth: India has witnessed a surge in wealth creation, with an impressive 22% growth in its millionaire population, ranking it 11th globally. The country is also home to a growing number of billionaires, with Mumbai recently surpassing Beijing as the ‘Billionaire Capital’ of the world.
  5. Competitiveness and Innovation: India’s ranking of 39th on the Global Competitiveness Index and Global Innovation Index suggests room for improvement in terms of business environment, infrastructure, and research and development. However, the country remains a major hub for innovation and startup growth, with significant advancements in sectors like technology, agriculture, and healthcare.
  6. Stock Market Strength: With a market capitalization of $5.05 trillion, India ranks 5th globally in terms of stock market size, demonstrating the robustness of its financial markets and their growing role in global trade and investment.

India’s Emerging Global Superpower Status

India’s rising status as a global superpower is further evidenced by its growing influence in various international forums and its strategic investments in infrastructure and military development. The nation’s projected real GDP growth of 6.3% annually over the next decade, as per Ray Dalio’s Great Powers Index, is expected to help transform India into a global economic and political force.

Growth of Indian Cities and Wealth Creation

The development of cities in India has been nothing short of remarkable. According to Savills Research, Bengaluru has emerged as the fastest-developing city in the world, followed by Delhi, Hyderabad, and Mumbai, which are also ranked among the top five. This growth is driving both urbanization and wealth creation across the country.

India’s billionaire population continues to rise, with the total wealth of Indian billionaires reaching approximately $1 trillion, accounting for 7% of the world’s total wealth. The Hurun Report for 2024 also highlights the 94 new billionaires in India, making it the third-largest country globally in terms of billionaire count, behind the US and China.

Employment Landscape and Labour Productivity

India’s employment landscape has undergone a significant transformation, with seven crore job applications in 2024, marking a 25% year-on-year surge. However, challenges remain, particularly with labour productivity, where India ranks 133rd globally, and employment-to-population ratio, which stands at 52.8%. Despite the rise in job applications, India continues to face challenges in improving labour force participation and labour productivity, which remain key areas for focus in the coming years.

Indian Banks’ Profitability Soars with Low NPAs and Strong Credit Growth

Indian public sector banks (PSBs) have reported strong profitability, with a 25% increase in net profit in H1 2024-25, totaling Rs 85,520 crore, compared to Rs 68,500 crore in H1 2023-24. This upward trajectory is expected to continue, driving PSB profits beyond the Rs 1.5 trillion mark for FY25. Key factors contributing to this growth include low NPAs, robust credit growth, and a solid capital adequacy ratio.

Strong Financial Performance and Profitability Growth

PSBs recorded their highest-ever net profit of Rs 1.41 trillion in FY24, driven by improvements in asset quality, healthy capital ratios, and increasing returns on assets. The Gross NPA ratio has seen a sharp decline to 3.12% in September 2024 from a peak of 14.58% in March 2018, reflecting effective measures to address banking sector stress.

Improved Capital Health and Resilience

The Capital to Risk (Weighted) Assets Ratio (CRAR) of PSBs has significantly improved to 15.43% in September 2024, surpassing the Reserve Bank of India’s (RBI) minimum requirement of 11.5%. This indicates strengthened financial health and positions PSBs to better support economic growth. The implementation of the 4Rs—Recognition, Recapitalization, Resolution, and Reform—since 2015 has been instrumental in this recovery.

Digital Fraud Concerns and Measures to Tackle It

Despite the positive financial trends, banks face challenges with digital fraud, with customers losing Rs 11,333 crore to cybercrime in 2024. Prime Minister Narendra Modi highlighted the risks of digital scams and urged citizens to exercise caution. In response, the RBI has been collaborating with banks and law enforcement agencies (LEAs) to enhance transaction monitoring systems and prevent frauds. The RBI is also piloting the AI/ML model MuleHunter.AITM to combat fraudulent activities.

Key Takeaways

  • PSBs’ net profit in H1 2024-25 rose by 25%, driven by lower NPAs and strong credit growth.
  • The capital adequacy ratio (CRAR) of PSBs stands at a healthy 15.43%.
  • The decline in NPAs from 14.58% in 2018 to 3.12% in 2024 showcases the success of targeted reforms.
  • The RBI is focused on strengthening fraud prevention systems, with new AI-based models to curb digital scams.

Summary of the news

Key Points Details
Why in News Public sector banks (PSBs) reported a 25% rise in net profit to ₹85,520 crore in H1 FY25, aided by low NPAs, credit growth, and robust CRAR. Gross NPA ratio fell to 3.12% in Sep 2024. Digital fraud remains a challenge, with losses of ₹11,333 crore in 2024.
Net Profit (PSBs) ₹85,520 crore in H1 FY25 (up 25% from ₹68,500 crore in H1 FY23).
Gross NPA Ratio (PSBs) 3.12% in September 2024 (down from 14.58% in March 2018).
Highest Aggregate Net Profit ₹1.41 trillion in FY24.
Capital to Risk-Weighted Assets Ratio (CRAR) 15.43% for PSBs in Sep 2024 (RBI minimum requirement: 11.5%).
Return on Assets (RoA) 1.4% in FY24.
Return on Equity (RoE) 14.6% in FY24.
Dividend by PSBs ₹61,964 crore in the last three years.
Digital Fraud Losses ₹11,333 crore in 2024, prompting RBI to introduce MuleHunter.AITM to curb fraud.
RBI’s 4Rs Strategy Recognition, Recapitalization, Resolution, and Reform.
Year-on-Year Credit Growth (SCBs) 12.4% as of November 15, 2024.
Year-on-Year Deposit Growth (SCBs) 11.6% as of November 15, 2024.
Reserve Bank’s Initiative Asset Quality Review (AQR) in 2015 for transparent recognition of NPAs.
Global and National Ranking Impacts Enhanced banking stability positions India closer to achieving a twin balance sheet advantage.
Prime Minister’s Statement PM Modi urged caution against digital frauds and promoted the “stop, think, take action” mantra.

Nvidia Unveils the Jetson Orin Nano Super Generative AI Supercomputer

Nvidia has recently announced the launch of its Jetson Orin Nano Super Generative AI supercomputer, marking a significant advancement in affordable AI solutions. With a price-tag of $249, this new model is significantly more affordable compared to its predecessor, which was priced at $499. The new Jetson Orin Nano promises to deliver exceptional AI performance, making it an ideal choice for a variety of users, including hobbyists, developers, and students.

A Leap in Performance: Enhanced Capabilities for Generative AI

The Jetson Orin Nano Super Generative AI supercomputer brings a 1.7x leap in generative AI inference performance, which is a major milestone in the AI sector. This leap in performance is paired with a 70% increase in overall performance, pushing the AI inference capabilities to 67 INT8 TOPS (Tera Operations Per Second). Additionally, the memory bandwidth of the supercomputer has been boosted by 50%, reaching 102GB/s, which further enhances its ability to process and handle large datasets and complex AI tasks.

This increase in processing power and memory bandwidth is crucial for applications involving generative AI tasks, such as creating and training AI models, deploying AI-based robots, and running more complex algorithms that require high computational resources.

Key Features of the Jetson Orin Nano Super Generative AI Supercomputer

One of the standout features of the Jetson Orin Nano Super Generative AI supercomputer is its NVIDIA Ampere architecture GPU, which is equipped with tensor cores. These tensor cores play a critical role in accelerating deep learning workloads, making the supercomputer capable of performing tasks such as neural network training and inference more efficiently.

Moreover, the 6-core Arm CPU in the system offers solid processing power to handle multiple tasks simultaneously, complementing the performance capabilities of the GPU. This combination of an Ampere architecture GPU and a 6-core Arm CPU allows the system to run demanding applications, enabling developers to create complex AI models or deploy sophisticated visual AI agents.

Compact Design and Affordability for Developers

Despite its powerful specifications, the Jetson Orin Nano Super Generative AI supercomputer is compact and easy to integrate into various projects. The Jetson Orin Nano Super Developer Kit fits in the palm of your hand, making it a versatile tool for AI projects in various environments. This compact size ensures that users can deploy it in spaces where larger systems might not fit, such as in robotic applications, edge computing setups, and educational projects.

The system’s affordability, combined with its compact form factor and powerful AI capabilities, makes it an attractive option for users at various levels, from beginners to advanced developers. The new price point of $249 makes it significantly more accessible compared to other high-performance AI computing systems, lowering the barrier for entry into the AI development space.

Versatile Applications for Generative AI and Robotics

Nvidia’s Jetson Orin Nano Super Generative AI supercomputer is designed to meet the GenAI needs of a wide range of users. For hobbyists, developers, and students, this supercomputer can be used for a variety of tasks, including:

  1. Creating LLM chatbots based on retrieval-augmented generation: The Jetson Orin Nano Super can be used to build advanced language models that perform better at generating human-like responses, improving the overall quality and intelligence of chatbots.
  2. Building a visual AI agent: Developers can use the system to create and deploy AI agents capable of performing visual tasks, such as object recognition, visual inspection, and other forms of computer vision tasks.
  3. Deploying AI-based robots: The powerful hardware of the Jetson Orin Nano Super enables developers to create AI-powered robots that can perform various tasks autonomously. These robots could be used in applications ranging from manufacturing and logistics to healthcare and customer service.

Ideal for Developers, Students, and Hobbyists

The Jetson Orin Nano Super Generative AI supercomputer is particularly suited for those looking to build and experiment with AI technologies. For developers, the supercomputer offers a robust platform for creating generative AI applications, while students can use it as a cost-effective solution to learn and experiment with AI and machine learning models. Hobbyists interested in robotics, AI-based gadgets, and other creative AI projects will find the system’s performance and affordability highly beneficial.

Osamu Suzuki, Former Suzuki Chairman Passes Away Aged 94

Osamu Suzuki, the long-serving chairman and CEO of Suzuki Motor Corporation, passed away at the age of 94 on Christmas Day 2024. Widely credited for transforming Suzuki into a global automotive powerhouse, he played a pivotal role in revolutionizing the Indian car market. Known for his frugality and astute business acumen, Suzuki was also a man with a profound personal commitment to the company he led for over four decades. His death marks the end of an era for Suzuki, a company that he meticulously shaped into a global leader in small cars.

A Legacy of Frugality and Innovation

Suzuki was renowned for his thriftiness, an attribute that became legendary in the corporate world. He was a meticulous cost-cutter who believed in keeping operations lean. This quality not only helped Suzuki Motor Corporation grow but also earned it the reputation of being one of Japan’s most efficient automakers. Under his leadership, Suzuki was known to make extreme cost-saving decisions, such as ordering factory ceilings to be lowered to reduce air-conditioning costs, and flying economy class even into his advanced years. His philosophy was clear: every penny counted.

Suzuki’s Leadership and Vision

Born Osamu Matsuda in 1929, Suzuki took on his wife’s family name through adoption, a common practice in Japan where families lacking male heirs adopt the surname of the wife’s family. He joined Suzuki Motor in 1958 after his banking career, marking the start of his journey with the company. Over the next two decades, Suzuki steadily climbed the ranks, eventually becoming the company’s president in 1978.

It was during the 1970s, when Suzuki was faced with near bankruptcy, that his business acumen shone through. At that time, the company was struggling to meet stringent emission regulations in Japan. Suzuki secured an essential partnership with Toyota Motor Corporation, convincing them to supply engines that would help Suzuki comply with the new regulations, saving the company from potential collapse. This successful maneuver demonstrated his ability to leverage partnerships to secure the company’s future.

The Alto and the Birth of a Global Vision

One of the most significant achievements during Suzuki’s early years was the launch of the Alto in 1979. The Alto, a 660-cc, minivehicle designed to be affordable and fuel-efficient, became an instant success. The Alto set the stage for Suzuki’s dominance in the small car market, not just in Japan but globally. This model helped Suzuki become synonymous with affordable, reliable cars. The Alto’s success also strengthened Suzuki’s bargaining power and paved the way for an important collaboration with General Motors in 1981.

Osamu Suzuki’s Bold Investment in India

One of Suzuki’s most groundbreaking decisions came in the 1980s when he set his sights on the Indian market, then a backwater for automobiles. India’s annual car sales were under 40,000, and the country was still heavily reliant on British knock-offs. Despite this, Suzuki saw potential in the Indian market and made a bold move: he invested a year’s worth of Suzuki Motor’s earnings to establish a national carmaker in India. His desire to be “number one somewhere in the world” drove this significant decision, reflecting his strategic mindset.

At the time, Maruti Udyog had already been established by the Indian government under the guidance of Sanjay Gandhi, the son of then-Prime Minister Indira Gandhi. The aim of Maruti was to create an affordable “people’s car” for India, but it lacked a foreign partner. Early talks with Renault fell through when their proposed car model was deemed too expensive for the Indian market.

In a twist of fate, it was an article in the newspaper about Daihatsu, Suzuki’s competitor, potentially partnering with Maruti that led to Suzuki’s interest in Maruti Udyog. Upon learning that Maruti had been rejected by other foreign manufacturers, a Suzuki Motor director urgently contacted Maruti, leading to a collaboration between the two companies.

The Launch of Maruti 800: A Turning Point

This partnership led to the Maruti 800, a compact, affordable car that was based on the Alto. Launched in 1983, the Maruti 800 quickly became a revolutionary success. It was the first car for millions of middle-class Indians and helped transform the country’s automotive landscape. Maruti Suzuki, as the joint venture came to be known, still holds about 40% of India’s car market today.

Suzuki’s entry into the Indian market was not just about selling cars; it was about creating a cultural shift. In the traditionally class-conscious India, Suzuki introduced egalitarian practices within Maruti, insisting on open-plan offices, a single canteen, and uniforms for both executives and assembly-line workers. This move broke down barriers between different classes of workers and helped instill a sense of unity within the company.

Challenges and Triumphs: Volkswagen Partnership

Despite the tremendous success, not all of Suzuki’s ventures were smooth. In 2009, Suzuki struck a multi-billion-dollar deal with Volkswagen in what was hailed as a “match made in heaven.” However, the partnership soon began to falter. Suzuki accused Volkswagen of attempting to take control of Suzuki, and VW, in turn, objected to Suzuki’s purchase of diesel engines from Fiat. The tensions led to a legal battle, and within two years, Suzuki succeeded in buying back Volkswagen’s stake. This event marked one of the few setbacks in Suzuki’s otherwise successful career.

The Passing of the Baton

In 2016, at the age of 87, Suzuki passed on the role of CEO to his son, Toshihiro Suzuki, and transitioned to the position of chairman. Despite stepping down, Osamu Suzuki remained closely involved with the company, offering advice and guidance until he fully retired at the age of 91. Throughout his career, he often quipped that he would remain with Suzuki “forever” or “until the day I die,” demonstrating his unwavering commitment to the company.

‘Viksit Panchayat Karmayogi’ Initiative

On Good Governance Day, Dr. Jitendra Singh launched the ‘Viksit Panchayat Karmayogi’ initiative, aiming to empower Panchayati Raj Institutions (PRIs) and decentralize governance. This initiative is part of the broader ‘Prashasan Gaon Ki Aur’ campaign, which seeks to enhance governance at the grassroots level by providing elected representatives and officials with modern tools and knowledge for effective decision-making and planning.

Through technology-driven solutions, including e-learning platforms, AI-powered chatbots, and mobile apps, the initiative will address knowledge gaps and enhance public service delivery, fostering sustainable development in rural India.

Key Highlights

Strengthening Panchayats: The initiative focuses on improving the capacity of Panchayats in Odisha, Assam, Gujarat, and Andhra Pradesh by offering e-learning tools and mobile applications to bridge knowledge gaps.

Decentralization of Governance: It aligns with the government’s broader mission to decentralize decision-making and promote participatory governance.

Empowering Rural India: The program is expected to create scalable, citizen-centric governance models that will drive inclusive and sustainable development.

Complementary Initiatives

New Dashboard on iGOT Karmayogi Platform: This tool enhances monitoring and decision-making capabilities for ministries and state administrators, allowing for better management of capacity-building efforts.

CPGRAMS Annual Report 2024: Showcasing the success of the Centralized Public Grievance Redress and Monitoring System (CPGRAMS), which resolves over 25 lakh grievances annually, it underscores the government’s commitment to transparent governance.

Single Simplified Pension Application Form: The new digital pension form simplifies the process for retiring officials, ensuring quicker, cost-effective disbursements with improved user experience.

Summary of the news

Why in News Key Points
Launch of ‘Viksit Panchayat Karmayogi’ initiative – Launched by Dr. Jitendra Singh on Good Governance Day.
– Aims to strengthen Panchayati Raj Institutions (PRIs) through innovative tools and capacity-building frameworks.
– Piloted in Odisha, Assam, Gujarat, and Andhra Pradesh.
– Part of ‘Prashasan Gaon Ki Aur’ campaign.
– Uses e-learning platforms, AI-powered chatbots, and mobile apps.
– Focus on decentralized governance and participatory decision-making.
Governance Reforms Initiatives – Dr. Jitendra Singh also launched the new iGOT Karmayogi dashboard.
– Introduction of 1600th e-learning course for capacity-building.
– CPGRAMS Annual Report 2024 released, resolving over 25 lakh grievances annually.
Single Simplified Pension Application Form – Combines nine pension forms into one digital format.
– Integration of e-HRMS with Bhavishya for real-time tracking.
Compendium of Pension Related Instructions, 2024 – Consolidates updated rules, procedures, and guidelines for pension administration.
Good Governance Day – Celebrated to mark the 100th birth anniversary of Atal Bihari Vajpayee.
– Emphasizes the government’s commitment to inclusive and accountable administration.
 Information – Odisha: First state for piloting ‘Viksit Panchayat Karmayogi’.
– Dr. Jitendra Singh: Union Minister for Science and Technology, Earth Sciences, PMO, Atomic Energy, and Space.
Other Initiatives by the Government – Face recognition technology for pensioners’ life certificates.
– Liberalization of childcare leave and maternity benefits for stillborn babies.

Top-5 Cinnamon Producing Countries in the World 2024

Cinnamon is a widely used spice known for its sweet and spicy flavor, often added to dishes and desserts. It thrives in warm, tropical climates and is produced in countries with ideal growing conditions. These countries are key players in the global cinnamon industry, contributing to the diverse varieties and high-quality supplies of this beloved spice. In this article, we will know about the largest cinnamon producing country in the world.

Worldwide Cinnamon Production

The global production of cinnamon is about 242,000 tons each year, with 154,000 tons being traded internationally. This shows the high demand for cinnamon worldwide, as it is used in cooking, baking and even in some health products, making it a valuable spice in the global market.

Top-5 Cinnamon Producing Countries

Cinnamon is a popular spice grown in tropical regions. The top-5 cinnamon-producing countries, each contributing significantly to global production:

  • Indonesia
  • China
  • Vietnam
  • Sri Lanka
  • Madagascar

World’s Largest Cinnamon Producer, Indonesia

Indonesia is the world’s largest producer of cinnamon, contributing 43% of global production in 2014. The country produces over 900,000 tons of cinnamon annually, worth around $85 million. Most of this cinnamon is grown on the slopes of Mount Kerinci cinnamon, is famous for its high-quality, which includes high oil content, giving it a rich flavor and aroma.

China

China is the second-largest producer of cinnamon, accounting for 33% of the world’s total production in 2014. China primarily produces cassia cinnamon, which is known for its strong, intense and slightly spicy flavor. Chinese cassia is also sweeter compared to the variety from Indonesia. In China, cinnamon is grown in provinces like Guangdong, Guangxi, Yunnan and Fujian, where large-scale cultivation takes place to meet both domestic and international demand.

Vietnam

Vietnam produces mainly Saigon cinnamon, a variety closely related to cassia. In 2014, the country accounted for 15% of global cinnamon production, or about 31,674 tons. The main regions for cinnamon cultivation in Vietnam are the central and Central Highland areas, especially Quang Ngai Province. With a land area dedicated to cinnamon ranging between 50,000 and 100,000 hectares, this spice is also an important ingredient in Vietnam’s famous noodle soup, pho. A significant portion of Vietnam’s cinnamon production is exported to other countries.

Sri Lanka

Sri Lanka is known for producing the highest quality cinnamon in the world. Although the country accounted for 8% of global production in 2014 (16,667 tons), its cinnamon is prized  for its delicate flavor and smooth texture. Cinnamon cultivation in Sri Lanka is concentrated along the coastal belt, from Kaluthara to Mathara, with some plantations in Ratnapura and Ambalangoda.

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