India’s Economy Booms: Electronics Surge, Retail to $1.93 Trillion, New FTA Talks Drive Growth

India’s economy is undergoing a major transformation powered by strong growth in electronics manufacturing, retail consumption, tax reforms, trade agreements, and inclusive regional development. With bold government initiatives and rising startup activity, India is consolidating its position as a global growth engine and an Atmanirbhar economy.

Electronics Manufacturing in India: Jitin Prasada Highlights Self-Reliance Push

India’s electronics sector has grown exponentially over the past decade. Between 2014-15 and 2024-25, production rose six-fold to ₹11.3 lakh crore, while exports jumped to ₹3.3 lakh crore. Mobile phone production alone hit ₹5.5 lakh crore, with exports crossing ₹2 lakh crore. The number of mobile manufacturing units expanded from 2 to 300, while import dependence plunged from 75% to 0.02%.

Minister of State for Electronics & IT Jitin Prasada attributed the boom to the PLI Scheme, EMC 2.0, and SPECS policy, which have generated 25 lakh jobs. With 5.6 lakh CSCs delivering 800+ digital services, India is on track to become a global electronics manufacturing hub.

Bihar Economy Update: Per Capita Income Among Lowest in India

Bihar’s per capita income is ₹69,321 in 2024-25, just 33% of India’s national average ₹2,05,324, Minister Rao Inderjit Singh informed the Lok Sabha. Analysts cite low industrialisation and over-reliance on agriculture as key hurdles.

To bridge the gap, the Centre announced Bihar-specific projects: a Makhana Board for GI-tagged produce, a National Institute of Food Technology to boost food processing, and major infrastructure investments including a Greenfield airport and Western Koshi Canal Project. These initiatives aim to diversify Bihar’s economy and uplift rural livelihoods.

GST Reforms 2025: Nirmala Sitharaman Outlines Next-Gen Framework

Finance Minister Nirmala Sitharaman unveiled plans for next-generation GST reforms, focusing on three pillars:

• Structural Reforms – correcting inverted duty structures and easing classification.
• Rate Rationalisation – simplified GST slabs with relief for farmers, MSMEs, and middle-class households.
• Ease of Living & Doing Business – digital registration, pre-filled returns, and faster automated refunds.

The reforms are being pursued in the spirit of cooperative federalism. The announcement follows PM Narendra Modi’s Independence Day promise of a “double Diwali” through reduced GST on essentials.

India–EAEU Free Trade Agreement: ToR Signed to Boost Bilateral Trade

India and the Eurasian Economic Union (EAEU) signed the Terms of Reference (ToR) in Moscow to formally begin FTA negotiations. The ToR was signed by Ajay Bhadoo (India) and Mikhail Cherekaev (EEC).

India–EAEU trade stood at USD 69 billion in 2024, a 7% YoY increase. With the bloc’s USD 6.5 trillion GDP, the FTA could open new markets for Indian MSMEs, enhance export competitiveness, and attract investments. The EAEU includes Russia, Armenia, Belarus, Kazakhstan, and Kyrgyz Republic. Both sides pledged to expedite talks for a comprehensive trade deal.

India Retail Market Growth: Sector to Reach $1.93 Trillion by 2030

India’s retail sector, valued at USD 1.06 trillion in 2024, is projected to nearly double to USD 1.93 trillion by 2030, according to a Deloitte–FICCI report. The growth is fuelled by startups, digital adoption, Gen Z spending, and quick commerce.

The Direct-to-Consumer (D2C) market, worth USD 80 billion in 2024, will surpass USD 100 billion in 2025. Quick commerce is expanding at 70–80% CAGR across 80+ cities, making India the world’s first scaled quick-commerce market. Online marketplaces influence 73% of consumer decisions, with e-commerce projected to grow from USD 75 billion to USD 260 billion by 2030, doubling its share in retail to 14%.

India as a Global Growth Engine by 2030

From electronics and retail growth to tax reforms, inclusive development, and new trade deals, India’s economy is entering a decisive decade of transformation. Analysts say these shifts will cement India’s role as one of the world’s fastest-growing economies, with strong potential to shape global supply chains, create millions of jobs, and deliver sustainable, innovation-led growth by 2030.